Mastercard and ASEAN Foundation unite to arm the region against digital threats

Mastercard signed a Memorandum of Understanding (MoU) with intergovernmental organisation, the Association of Southeast Asian Nations (ASEAN) Foundation. The two organisations will be collaborating to launch the ASEAN Foundation-Mastercard Cybersecurity Resilience Program, where they will implement a slew of initiatives across the foundation’s member countries. These programmes aim to improve the cybersecurity capabilities of small and medium sized enterprises (SMEs) and public sector entities.

About the collaborators

Although the ASEAN Foundation may be mistaken as ASEAN, the two are not the same. ASEAN itself is an intergovernmental organisation focussed on political, economic, and security cooperation with their ten member countries. In comparison, the ASEAN Foundation — founded at ASEAN’s 30th Anniversary Summit — is a non-profit operating as a supporting arm, implementing community-building programs. The foundation thus aims to promote more cultural understanding, awareness, interaction, and the overall development of the people of ASEAN.

Its partnership with global payments technology company Mastercard is with the aim of promoting cybersecurity within the region, which would benefit all economically and socially. Since Mastercard is one of the contactless payments widely accepted in Southeast Asia, the collaboration should be mutually beneficial to both organisations.

By helping reduce the cybersecurity risk from digital payment, Mastercard will encourage the widespread adoption of contactless payments in the region. In turn, ASEAN benefits from a more financially literate and digitally savvy population, fostering greater economic inclusion and resilience across its member nations.

Protecting small businesses

This programme is particularly pertinent as Southeast Asia has been rapidly expanding its digital economy — it has seen an annual compounded growth rate of 27 per cent since 2021. However, while regional investment in cybersecurity has also been increasing — it is expected to reach US$6.1 billion by 2026 (around $8 billion) — the pace of cybersecurity improvements do not match the scale of cybercrime. 

SMEs in Southeast Asia are particularly vulnerable to such cybersecurity threats, as they tend to have weaker security measures on account of their organisational size. These small and medium enterprises account for 97 per cent of all businesses in the region and provide 85 per cent of the employment. Therefore, reducing the threat that cybercriminals have on these organisations will significantly improve the lives of those in Southeast Asia. 

As a result, the ASEAN Foundation-Mastercard Cybersecurity Resilience Program focuses specifically on SMEs in the region, as opposed to larger global organisations. This programme looks at three main pillars overall: raising awareness, providing skills and training, and improving capacity through technology and intelligence.

To address the first two facets, SMEs in Southeast Asia will be able to access the Mastercard Trust Center, an online self-service portal that provides free education, resources, and tools related to cybersecurity. For the last point, Mastercard also has a My Cyber Risk tool that enables SMEs to access the cybersecurity vulnerabilities and threats to their digital infrastructure. This way, SMEs are made aware of the possible weak links in their chain fence, and can direct their focus into resolving these issues. 

The global payment company will also run cybersecurity workshops, webinars, and industry events to keep interested SMEs updated about changes to cybersecurity.

Defending public welfare

Besides SMEs, the ASEAN Foundation-Mastercard Cybersecurity Resilience Program also aims to bolster the cybersafety of public sector institutions. Similar to the programmes for SMEs, Mastercard will help run webinars to educate public organisations.

However, these information sectors will be specifically tailored to ASEAN governments, providing expertise on key issues for public sector professionals in cybersecurity related roles. The program will also conduct crisis simulation exercises so that organisations can test the cybersecurity of their technology and processes. Through these, public sector institutions will be able to better understand places in their systems that can be improved and strengthened. 

Lastly, this program will also see Mastercard developing research reports and providing risk assessment tools for ASEAN governments to ensure that these institutions are kept informed. 

“Enhancing cybersecurity capacity and expertise is necessary to navigate today’s rapidly evolving digital threats and build a strong digital economy. This significant collaboration with the ASEAN Foundation to strengthen cybersecurity capabilities throughout Southeast Asia underscores Mastercard’s commitment to bolster trust in the digital world,” said Safdar Khan, the division president of Southeast Asia, Mastercard. 

“By delivering impactful initiatives for both the public sector and SMEs, this collaboration will contribute towards a secure, resilient digital ecosystem for all participants, enabling countless new opportunities for individuals and businesses, and accelerating inclusive growth in Southeast Asia.”