At the China Development Forum in Beijing on Sunday (March 19), Mastercard CEO Ajay Banga shared how the proliferation of connected devices has opened the door for China to upgrade its cybersecurity framework in order to keep pace with increasing digital connectivity and integration.
Banga discussed how small and medium enterprises (SMEs) are in need of significant support to help manage and mitigate cyber risks. In his opinion, both the public and private sector have a shared responsibility to help develop solutions that would protect against growing threats by exchanging knowledge and working together.
“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.”
During the forum, Mastercard released a new whitepaper titled, “Ensuring Security and Prosperity in the Digital Age,” which provides its recommendations on how China can strengthen its cybersecurity environment.
Mastercard identified the following key areas for action:
- Standards for digital identity authentication;
- Standards for data security;
- Consumer awareness-raising and
- Capacity-building for businesses.
The whitepaper also advises that the private sector can be incentivized to partner in these areas by aligning China’s cybersecurity framework with three critical global norms: adherence to international standards, global interoperability and multi-stakeholder collaboration.