Beijing – March 19, 2017 – In remarks delivered today at the China Development Forum, Ajay Banga, president and CEO of Mastercard, discussed how the rise of connected devices presents opportunities to upgrade China’s cybersecurity framework in line with increasing digital connectivity and integration. Mr. Banga emphasized that small and medium enterprises (SMEs) are particularly in need of support to manage risks, suggesting that both public and private sector organizations have a shared responsibility to exchange knowledge and develop solutions that protect consumers and businesses against emerging threats.

As China pivots to a more innovation-driven economic structure, digital technologies have helped unlock meaningful improvements in economic growth and development. But while China’s individuals and small firms increasingly embrace the digital economy, they are facing cybersecurity threats beyond their capabilities. This reality presents China with an opportunity to drive development of innovative digital security solutions – particularly in areas that will see wide adoption, such as the Internet of Things.

“Connected devices will present new challenges for consumer privacy and information security.  When every connected device can potentially be hacked, cybersecurity is paramount. China, at the forefront of this digital revolution, has an opportunity to play a leadership role in designing a more secure digital world,” said Banga.

“The rapid growth of the Internet of Things is a certainty,” he added. “Whether the digital world is more secure in 2025, whether it affords us privacy and whether it is governed by wise rules will be a product of the decisions we make today.”

This is the seventh consecutive year that Mastercard has participated in the China Development Forum, an annual gathering of top policymakers and scholars from China and more than 500 business and political leaders from around the world.

During the forum, Mastercard published a whitepaper titled “Ensuring Security and Prosperity

In the Digital Age” outlining its recommendations for ensuring China’s cybersecurity environment is equipped to support a vibrant, modern economy. Mastercard identifies four key areas for action to build on China’s new Cybersecurity Law, particularly as they relate to individuals and SMEs, namely:

  1. Standards for digital identity authentication;
  2. Standards for data security;
  3. Consumer awareness-raising; and
  4. Capacity-building for businesses.

In addition, Mastercard suggests that incentivizing the private sector to meaningfully partner in these areas can be achieved by aligning China’s cybersecurity framework with three critical global norms: adherence to international standards; global interoperability; and multi-stakeholder collaboration.

The full whitepaper cam be downloaded here: http://news.mstr.cd/2lYGqrV 

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About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

 

Mastercard Communications Contact
Huanyu Wu, 86 10 8519 9304
Huanyu_Wu@Mastercard.com  

Yvonne Fang, 86 10 8569 9851
YFang@webershandwick.com