Mastercard has unveiled plans for a new cybersecurity centre aimed at enhancing threat intelligence sharing across Africa. This initiative is particularly crucial as the continent faces a significant uptick in ransomware and phishing attacks, which threaten its burgeoning digital economy. The Africa Cybersecurity Center of Excellence is set to commence operations in 2026, beginning with South Africa and Nigeria, and will support up to 50 organisations with cyber risk analyses and access to a threat intelligence feed from Recorded Future, a security firm acquired by Mastercard in 2024. With Africa's digital economy projected to reach $1.5 trillion by 2030, addressing cybersecurity vulnerabilities is paramount, especially given the underreporting of cybercrime due to maturity gaps and reputational concerns. Currently, South Africa is the most targeted country, accounting for 29% of ransomware attacks and 40% of phishing incidents, while Nigeria is also heavily affected by dark web threats. Michael Miebach, Mastercard's CEO, emphasized the importance of collaboration between public and private sectors to enhance collective defense and foster a more secure digital landscape.
Source: Fintech News ME
