We must help businesses prepare for cyber attacks in order to decrease financial risk by identifying data breaches, assessing cyber threats by acting on insights, Country Director of Mastercard Ghana, Bossman Kwapong, has said.
In justifying his call, he said as the digital economy grew, so did the intentions of cyber criminals who were ready to exploit weak links.
Consequently, he said in its quest to contribute its quota to halt the increasing rate of cyber attacks in the digital economy, Mastercard had partnered with the Ghana Cyber Security Authority (CSA) to fight the menace.
Speaking at the maiden Fraud and Cyber Security Forum in Ghana organised by Mastercard, he said “Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers."
The event brought together key players in the ecosystem, including financial institutions, regulators and fintechs to examine the latest fraud trends to address crucial aspects of cybersecurity in Ghana.
It covered the latest attack methods utilised by cyber criminals, the assets they target and the motivation behind such attacks.
With a specific focus on the financial services sector, the forum offered a comprehensive overview of the regional cyber threat landscape, recent fraud attacks and best practices to address fraud vulnerabilities that may negatively impact business profitability.
Mastercard also demonstrated its cutting edge fraud detection solution, such as the Decision Intelligence solution which utilises advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time, thereby helping to protect customers' accounts and transactions.
With the increased adoption of digital services, new payment flows and connected supply chains, cyber risk is one of the top risks faced by organisations today.
It has, therefore, become essential that this risk is well understood and managed by organisations to protect themselves and their customers.
The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common.
Against this background, Mastercard recognised the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates.
The acting Director-General of the CSA, Dr Albert Antwi-Boasiako, explained that the meeting by Mastercard was borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cyber security threats within the banking ecosystem.
“It is a proactive engagement, and it must be supported by all,” he said, adding that “As a regulatory body, we can only be proactive and lead the national response through the implementation of appropriate policies and regulatory interventions. The CSA is currently implementing several regulatory activities, including the Licensing of Cybersecurity Service Providers and Accreditation of Cybersecurity Establishments and Cybersecurity Professionals, he said.”
The Governor of the Bank of Ghana, Dr Ernest Addison, for his part said the bank was pleased to partner with global technology leaders such as Mastercard to fight cyber crimes.
The positive work this organisation has been doing to combat cyber threats, protecting most especially the customer and small businesses is remarkable. We hope this partnership is one of many to come,” said.
The CEO of Ghana Bankers Association, John Awuah, said “Online security is of paramount importance and we commend Mastercard’s proactivity in providing platforms where pertinent discussions such as cybersecurity and combating fraud, especially for customers, is being tabled. As financial institutions we aim to provide systems that are safe and reliable for all Ghanaians.”
He said Mastercard remained committed to delivering innovative and effective solutions to its customers in Ghana by helping to create a secure and inclusive digital future.
Through partnerships with organisations such as the Cyber Security Agency of Ghana, he noted that Mastercard remained committed to promoting cybersecurity and fraud prevention across Ghana and beyond.