Mastercard and ASEAN Foundation Join Forces to Enhance Cybersecurity in Southeast Asia

In a significant move to bolster cybersecurity across Southeast Asia, Mastercard has signed a Memorandum of Understanding (MoU) with the ASEAN Foundation. This collaboration will lead to the launch of the ASEAN Foundation-Mastercard Cybersecurity Resilience Program, aimed at enhancing the cybersecurity capabilities of small and medium-sized enterprises (SMEs) and public sector entities throughout the region. As Southeast Asia continues to expand its digital economy, the need for robust cybersecurity measures has never been more critical.

Understanding the Collaborators

While the ASEAN Foundation and ASEAN are often conflated, they serve distinct roles within the region. The Association of Southeast Asian Nations (ASEAN) is an intergovernmental organization focused on political, economic, and security cooperation among its ten member countries. In contrast, the ASEAN Foundation, established during ASEAN’s 30th Anniversary Summit, operates as a non-profit entity dedicated to community-building initiatives. Its mission is to foster cultural understanding, awareness, and development among the people of ASEAN.

The partnership with Mastercard, a global leader in payment technology, aims to promote cybersecurity within the region. As one of the most widely accepted contactless payment systems in Southeast Asia, Mastercard’s involvement is expected to yield mutual benefits. By reducing cybersecurity risks associated with digital payments, Mastercard will encourage broader adoption of contactless transactions, while ASEAN will gain a more financially literate and digitally savvy population, ultimately fostering greater economic inclusion and resilience.

Protecting Small Businesses

The ASEAN Foundation-Mastercard Cybersecurity Resilience Program is particularly timely given the rapid growth of Southeast Asia’s digital economy, which has experienced an annual compounded growth rate of 27% since 2021. Despite increasing investments in cybersecurity—projected to reach $6.1 billion by 2026—the pace of improvements has not kept up with the rising threat of cybercrime.

SMEs, which represent 97% of all businesses in the region and provide 85% of employment, are especially vulnerable to cybersecurity threats. Their smaller size often translates to weaker security measures, making them prime targets for cybercriminals. By focusing on enhancing the cybersecurity capabilities of these enterprises, the program aims to significantly improve the livelihoods of individuals across Southeast Asia.

The initiative is structured around three main pillars: raising awareness, providing skills and training, and improving capacity through technology and intelligence.

To address the first two pillars, SMEs will gain access to the Mastercard Trust Center, an online self-service portal offering free educational resources and tools related to cybersecurity. Additionally, Mastercard’s My Cyber Risk tool will help SMEs identify vulnerabilities within their digital infrastructure, allowing them to proactively address potential weaknesses. The program will also include workshops, webinars, and industry events to keep SMEs informed about the latest developments in cybersecurity.

Defending Public Welfare

In addition to supporting SMEs, the ASEAN Foundation-Mastercard Cybersecurity Resilience Program will also focus on enhancing the cybersecurity of public sector institutions. Tailored webinars will provide government organizations with expertise on key cybersecurity issues relevant to their roles.

The program will conduct crisis simulation exercises, enabling public sector entities to test their cybersecurity measures and identify areas for improvement. Furthermore, Mastercard will develop research reports and risk assessment tools to keep ASEAN governments informed about the evolving cybersecurity landscape.

As Safdar Khan, Division President of Southeast Asia at Mastercard, stated, “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.”

Conclusion: A Secure Digital Future

The collaboration between Mastercard and the ASEAN Foundation represents a proactive approach to addressing the cybersecurity challenges faced by SMEs and public sector institutions in Southeast Asia. By delivering impactful initiatives that enhance cybersecurity awareness and capabilities, this partnership aims to create a secure and resilient digital ecosystem for all stakeholders.

As Southeast Asia continues to embrace digital transformation, the importance of cybersecurity cannot be overstated. This initiative not only seeks to protect businesses and public institutions but also aims to foster inclusive growth and economic resilience across the region. With the right tools, training, and support, Southeast Asia can navigate the complexities of the digital landscape and unlock countless new opportunities for individuals and businesses alike.