Riyad Bank Partners with Mastercard to Combat Escalating Cybersecurity Threats
Mastercard has recently established its inaugural Cyber Resilience Center in the Middle East, situated in Riyadh, Saudi Arabia. This strategic initiative aims to enhance cybersecurity collaboration among financial sector stakeholders, ensuring the protection of the Kingdom’s digital payments ecosystem.
Partnership with Riyad Bank
Riyad Bank is the center’s first official partner, facilitating collaborative efforts in key areas such as:
- Training programs
- Adoption of cybersecurity standards
- Risk assessment initiatives
This partnership is pivotal in supporting the objectives of Saudi Vision 2030, contributing significantly to the digital resilience of the region.
Structure of the Cyber Resilience Center
The Cyber Resilience Center is founded on three essential pillars:
- Education: Offering Arabic-language certifications to empower local professionals.
- Standards: Promoting the adoption of global cybersecurity standards.
- Preparedness: Conducting cyber defense exercises to enhance institutional readiness.
These initiatives will assist organizations in monitoring and improving their security posture effectively.
Statements from Leadership
Adam Jones, Mastercard’s Executive Vice President and Division President for West Arabia, emphasized the growing complexity of cyber threats. He stated, “We live in an ultra-connected world where cyber threats are becoming more targeted and complex, even as the need for trust and assurance increases. The launch of the Cyber Resilience Center in Riyadh reflects Mastercard’s commitment to staying ahead of emerging risks and helping our partners do the same.”
In alignment, Ibrahim A Al-Sulobi, Senior Vice President and Head of Cyber & Information Security at Riyad Bank, remarked, “At Riyad Bank, safeguarding customer trust is central to everything we do. This partnership enables us to further strengthen our defense frameworks, accelerate the adoption of global best practices in security, and fortify security in the Kingdom’s financial sector.”
Investment in Cybersecurity Innovation
Mastercard has invested over $10.7 billion in cybersecurity innovation over the past six years. The company continues to expand its capabilities, including its recent acquisition of the threat intelligence firm Recorded Future.
For more information about the Cyber Resilience Center and Mastercard’s initiatives, visit RegTech Analyst.
