“Cybersecurity is the foundation for our digital world. It is at the heart of trust and will allow society to fully benefit from the transformations enabled by new technologies like AI and quantum,” Michael Miebach, CEO at Mastercard, told the World Economic Forum (WEF) in Davos, Switzerland, this week.” But it’s not something one can do on their own. We have to come together, share intelligence globally, and develop the skills equal to emerging risks. Society knows what’s at stake if we get this wrong. It’s critical that we get it right. If we do, we’ll be able to deliver on the many possibilities for so many people around the world.”
As it relates to the potential for getting it wrong, a 2025 article in Central Bank Payment News by Mastercard’s Rigo Van den Broeck, EVP, Cybersecurity and Jesse McWaters, EVP, Head of Global Policy, said “Ransomware, scams and other kinds of financial crime have increased in prevalence, with cybercrime expected to cost $10.5 trillion annually by 2025, up from $3 trillion in 2015, according to Cybersecurity Ventures. Threat actors and cybercriminals are taking advantage of new and emerging technologies, like Generative AI (Artificial Intelligence), to enhance their sophistication of social engineering campaigns at scale and for far less cost, making the fraud problem even more challenging.”
Mastercard previously reported that global losses and damages from cyberattacks came to $9.5 trillion in 2024, according to Cybersecurity Ventures, making cybercrime the third-largest economy in the world. By 2031, it is predicted that cybercrime will cost the world as much as $1 trillion per month.
Valdecy Urquiza, Secretary-General, INTERPOL concurs with Miebach and had this to say at WEF: “Facing rapid innovation in tech combined with the transformative impact of AI, law enforcement cannot fight cyber crime in isolation. Protecting communities now depends on true multi-stakeholder cooperation. Only together can we stay ahead of criminals and uphold safety, rights, and resilience for a secure digital future.”
Truly, it is time for all of us to come together in the war against cybercrime.
Read the Full Story