From TIME · Michael Miebach · · 1m 40s
Cybersecurity is now economic security
As digital commerce connects the world, protecting it from hackers has become essential to economic growth, especially for small businesses.
In brief
As digital commerce connects the world, protecting it from hackers has become essential to economic growth, especially for small businesses. Cybersecurity is now an economic priority requiring shared commitment from governments, companies and citizens to protect small businesses and digital growth. Originally reported…
Digital commerce connects the world
A coffee roaster in Colombia now sells to customers in Germany and Japan. A daughter in Connecticut sends money to her parents in Morocco instantly. These connections were not possible until recently.
But connection creates vulnerability
The digital economy opened opportunity but also new risks.Hackers and fraudsters exploit the connections that unlock growth.
Cybercrime losses are projected to soar
By two thousand twenty-nine, cybercrime's value is projected to reach fifteen point six trillion dollars.
Small businesses are most vulnerable
Small businesses drive seventy percent of employment and account for half of global GDP, yet are often least equipped to withstand cyberattacks.
Most small businesses lack protection
Recent Mastercard research found that only thirty-seven percent of small business owners currently use cybersecurity tools, but eighty-nine percent say they want to adopt more digital tools.
Protection requires shared commitment
No single business or organisation can secure the digital economy alone. Banks, technology companies, platforms, governments and industry groups must work together, sharing intelligence, setting standards and building secure products to help businesses act early.
Strong cybersecurity drives economic growth
Investing in cybersecurity is a business opportunity, not altruism. When strong protections are easier to access, more entrepreneurs can participate in the digital economy, sell across borders and adopt new technologies with confidence, creating a…
The essence
Cybersecurity is now an economic priority requiring shared commitment from governments, companies and citizens to protect small businesses and digital growth.
