Firms partner to reduce cyber attacks

Mastercard has partnered with NowNow, a Nigerian digital payment startup to help small and medium-sized enterprises to reduce the risk of cyber attacks.

According to the firm, there has been a leap in cybercrimes recently.

It stated that SMEs were the main target for cybercriminals since they do not have the resources to help themselves defend against breaches.

It said as part of its Start Path Global Programme, it would provide NowNow with operational support, commercial engagement, and the opportunity for strategic investment.

The Executive Vice President, Product Optimisation and Customer Advancement, Cyber and Intelligence at Mastercard, Paul Trueman, said, “As Mastercard brings the next billion people into the digital economy, it is vital that business owners feel as secure and safe from cybercrime as possible.

“Our partnership with NowNow is key to achieving this. Whether large or small, businesses deserve the peace of mind to operate knowing that they are being kept safe.”

The Chief Executive Officer of NowNow, Sahir Berry, added, “Like Mastercard, NowNow is committed to driving financial and digital inclusion by building an ecosystem that digitises payments and creates access to financial services for businesses, governments, and customers in rural and urban communities using simplified branchless banking initiatives.

“We are excited to partner with the Mastercard Trust Centre to help our customers improve the security of their cyber ecosystem, and better protect themselves from cybercriminals.”

Quoting the Nigerian Communications Commission, MasterCard stated that Nigeria loses $500m yearly due to cybercrime.

In a statement, the firm noted, “SMEs are a huge target for cybercriminals as they typically do not have the resources to defend themselves or to act accordingly once they have been breached.

“NowNow supports SMEs with regular web application penetration tests to ensure that applications are not vulnerable to any cyber threats. It is currently available in Nigeria and Angola and is expanding into several other markets (Equatorial Guinea, Liberia, and UAE).”

NP/Dominica Nwabufo