Mastercard Opening Remarks

Bloomberg

3 hours ago

Transcript

00:00Well, everybody, good afternoon.

00:02It's really good to be here with all of you,

00:03and I just shout out to Bloomberg, Tim, you and the team

00:06for bringing all of us together here on something that is so important

00:09that, especially for this audience, is very near and dear to our heart.

00:13You know, it feels like the word unprecedented is almost has no meaning anymore

00:17because you have to almost use that every week nowadays.

00:20You're just looking at how cyber threats have changed,

00:23how we see nation states getting involved in business.

00:26When I take a step back just very briefly at the macro level,

00:31I want to share a little bit of what we see,

00:33talk a little bit about how we think we should all approach this,

00:36and then we can jump straight into the content.

00:37But at the macro level, there are three big things that we are looking at.

00:41First of all, I come from a fraud background just for a little bit of context.

00:45I used to be a police officer many years ago.

00:48I ran fraud shops for banks.

00:49I chased bad guys all over the place.

00:51I think I eventually got tired and said technology must be able to help us

00:54to catch them or prevent them from doing things.

00:56But I remember days when we were talking about the evolution of fraud.

01:00Now we talk more about the evolution of technology

01:03than we talk about the evolution of the bad folks almost.

01:08There's just the number of generational changing new technology deployments

01:15and the speed at which they come at us

01:17has just increased at an unprecedented level, to use that word again.

01:21So we see that change.

01:22You know, we've seen the iPhone come.

01:24We've seen AI just dawn on us all of a sudden.

01:28Quantum is on our doorstep as the next one even faster.

01:31So this is not going to slow down at all.

01:33So you've got this massive evolution of technology.

01:36At the same time, you feel like we as a global entities should be working closer together.

01:43Yet it feels like we are being fragmented and there's more sovereignty than ever before.

01:49So while we should be collaborating more and while we're digitally connected more than ever before,

01:53it feels like from a geopolitical point of view, we're actually moving further and further.

01:56And this isolation approach is not helping the people who are trying to defend companies,

02:01entities, countries when we need to be sharing intelligence and sharing data.

02:05So that's the second point.

02:06And the third one is, I would say, the industrialization of cybercrime.

02:12Cybercrime has now become a fully-fledged industry.

02:15I mean, we talk about $15.6 trillion potentially.

02:18And I have to stand here and tell you I'm not sure how they got that number, but it's a big number.

02:23And even if we were slightly south of that, it still is a number that should concern all of us

02:28and probably do concern all of us.

02:29So if you think about how access to data, access to technology has been weaponized by cybercriminals,

02:37on the dark web, I can buy information, I can buy technology, I can buy packages, I can buy services,

02:44I can buy ransomware as a service, I can buy money laundering as a service, you name it.

02:48So everything is there.

02:50And that has fueled this, I would say, almost gray zone where fraud, cybercrime, financial crimes,

02:57money laundering, it's all kind of meshed together.

02:59So our worlds have become really interconnected in terms of how we together as industries,

03:04and especially as the financial industry, are looking at things.

03:06So these are some of the big trends that we're seeing.

03:10Now, it's not all bad.

03:11I think, you know, we are making good progress.

03:13We see more and more people coming together.

03:15We see events like this where people are willing to talk.

03:17We see AI now really becoming an ingredient of automating the defender's approach

03:23to defend ourselves against AI attacks.

03:25I think we've all now seen that the automation of attacks against us is fully there.

03:30We've seen, we've talked about the potential of a fully automated attack.

03:35Now we've seen it actually happening.

03:37Nation states are involved in that as well.

03:39So, but now I think the good thing is we've got the same technology on the defender's side.

03:43I'm personally, I'm an optimist.

03:45I do believe we can do this.

03:47I do believe if we have the right technology, if we have the right investment,

03:50if we have the right threat intelligence.

03:52You know, MassCard invested in a company called Recorded Future.

03:56We feel that it's so important for us to know what the adversaries are doing so that we can plan

04:01and we can create our own strategies.

04:03So that piece for me is really, really important.

04:06So I'm going to leave you just with three things that we believe are important for us.

04:10Partnerships.

04:11Partnerships at events like this.

04:13Private-public partnerships are absolutely critical.

04:16Private-to-private partnerships.

04:17In fact, I think we're at a place that given the geopolitical blocks that are forming around the world

04:25as private entities, I think we almost have an obligation more so than ever before

04:29to really make sure that we connect the dots between each other,

04:33that intelligence and threats and things are flowing between us.

04:36And, of course, we're going to work very, very closely with governments.

04:39There's no way on earth we can do this apart from them.

04:41So private-public, private-private, these partnerships are absolutely critically important for us.

04:46platforms, the need for us to build bigger platforms, the need for us to embed security

04:54into the thinking, into the design of what we do.

04:57I think that's something that we want to put on every technology company across the world,

05:01every government around the world.

05:03When we build platforms, it has to come with all of that embedded in it from the get-go.

05:08So that, for me, is absolutely essential for us to do bigger platforms where this is all embedded.

05:16And then the last one is just principles.

05:18You know, how do we make sure that we get the basics right?

05:20How do we make sure that we adhere to those principles that will make us a safer society,

05:26that allows our systems to talk to one another,

05:28even if we are spread across the world in many different places to allow the free flow of information

05:34so that we, as defenders, can actually help each other fight a better fight?

05:38And I think if we do this right, if we do the right investments,

05:41if we focus on the right partnerships and these big platforms that we are building,

05:45I think we can truly make a difference in the lives out there.

05:49I always have the concern around who's looking at our consumer.

05:52That, for me, is something that's very important.

05:54Who's looking at the small business?

05:57At MasterCard, we have a keen interest in our small businesses.

06:00It makes up, globally, almost 50% of GDP is being derived on the back of small businesses.

06:08More than 70% of all employment happens through the small business sector.

06:12So I'm almost at the place where we should all collectively start thinking of small businesses

06:17as potential critical infrastructure because they're that important to our economies.

06:21And I'll leave you with a very last thing.

06:24If there's one thing that the Land Rover Jaguar breach taught me,

06:30if there's one thing that the Land Rover Jaguar breach taught me,

06:37is that I think every cyber event should be now thought of as an economic event.

06:41If you really think what happened there, the impact, of course, was on the main company.

06:46But the blast radius was an entire supply chain of small companies, small businesses in the environments

06:52where all the plans were located, where these people were working.

06:55I heard that there was something like almost 20,000 businesses impacted through that.

06:59That has a massive economic impact on us.

07:02One of the things we did at MasterCard is with the Colonial Pipeline.

07:05We actually tracked consumer spending data, what happened when that breach was revealed.

07:11And it was fascinating to see how consumers were doing panic buying.

07:14People were literally emptying up the shelves all along the East Coast of that.

07:18So these things are now, you can't disconnect them anymore.

07:21So I'll close with this.

07:24Very keen to see what's going to happen today in our conversations here.

07:27Very keen on the content.

07:28We've got a very strong agenda.

07:29Lots of good speakers here.

07:30But let's all go with this mindset of principles in mind.

07:34We're no longer operating within a silo.

07:37We're operating in a very interconnected global world where we truly have an economic impact in the work that we do.

07:44And therefore, things like this are so important for us.

07:46With that, I'm going to kick off and get the first set of speakers on board.

07:50But really looking forward to a great agenda today.

07:52Thank you so much for having us today.

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