Digitization is advancing by leaps and bounds, and with each advance come new challenges. Cyber risk and digital threats are constantly evolving with new tactics driven by artificial intelligence and sophisticated criminal networks, jeopardizing the trust, growth, and security of the digital ecosystem. It's not just about protecting transactions, but about securing every interaction. Without trust, digitization cannot thrive.
Cybersecurity: a growing global challenge
Cybercriminals have found in AI a powerful tool to sophisticate their attacks. Deepfakes, automated phishing, and large-scale fraud make digital organized crime not only more effective but also harder to track. The numbers are alarming:
- In 2023, losses from online fraud reached $1 trillion worldwide.
- It is estimated that the cost of global cybercrime will reach $14 trillion by 2028, which would make it the third largest economy in the world.
- Fraud remains a significant and growing threat, with nearly half of global consumers experiencing at least one attempted fraud per week.
- According to the cybersecurity firm Cybersecurity Ventures, the global cost of cyberattacks in 2023 was $6 trillion, and this number is projected to increase to $10 trillion by 2025.
- In Latin America, data leaks and breaches have reached an average cost of $2.46 million — a record high for the region and a 76% increase since 2020, according to the study Cost of a Data Breach (America Economía – special edition on Cybersecurity – March 2024).
This data reinforces the need for a more strategic approach to cybersecurity, one that allows for anticipating threats rather than simply reacting to them.
Towards a safer digital ecosystem
At Mastercard, for example, digital security is an integral part of our mission. For us, ensuring digital security involves three fundamental pillars:
- Assess: Gain visibility into cyber risks. Solutions like RiskRecon help companies and governments understand their risk exposure, enabling constant monitoring of vulnerabilities.
- Protect: Implement advanced technologies to mitigate threats. AI and real-time monitoring are essential tools for preventing attacks. With Recorded Future, we strengthen our real-time threat intelligence capabilities. Furthermore, solutions like SafetyNet have prevented $50 billion in losses from fraud over the past three years.
- Building a trust ecosystem: The fight against cybercrime cannot be waged in isolation. Alliances between companies, governments, and organizations are necessary to share intelligence and create more robust security standards.
The ability to track cyberattack patterns globally is crucial. Today, it's possible to detect an attack in Brazil, trace its movement to Indonesia, and analyze its recurrence in Germany. This level of connectivity and predictive analytics is fundamental to anticipating emerging threats and strengthening digital resilience.
AI as an ally in the fight against fraud
While cybercriminals use AI to enhance their attacks, artificial intelligence has become a powerful ally in digital security. Our generative AI solutions have enabled:
- Doubling the detection rate of compromised cards
- Reduce false positives in fraud detection by 200%
- Increase the speed of identifying at-risk businesses by 300%
These innovations strengthen security and improve the user experience by reducing friction and increasing trust in every transaction.
A call to action: safety is a shared responsibility
In an increasingly interconnected world, trust is the most valuable asset. Without security, the opportunities of digitalization can be compromised. Today, more than ever, ensuring the security of the digital ecosystem requires innovation, cooperation, and a proactive approach.
