Payments technology giant Mastercard has today announced the development of the European Cyber Resilience Centre, a new cybersecurity centre designed to encourage public-private collaboration in the continent.

The centre is the first of its kind for Mastercard in Europe, and the first outside of North America, and is designed to combat cybersecurity threats facing payments within Europe.

Located in Waterloo, Belgium, at the European headquarters of Mastercard, the European Cyber Resilience Centre will work with central banks, industry groups, law enforcement agencies and key national cyber intelligence centres.

Key partners will include European Cyber Crime and Fraud Investigators (ECCHI); the Financial Services Information Sharing and Analysis Center (FS-ISAC); the European Central Bank; the National Bank of Belgium; Interpol and Europol.

The European Cyber Resilience Centre will also partner with the UK’s National Crime Agency and National Cyber Security Centre.

Mastercard’s European Cyber Resilience Centre to boost cybersecurity in financial services

The decision to launch the European Cyber Resilience Centre reflects the growing need to combat cybersecurity concerns in the financial services sector, which is a key target due to the lucrative hauls that attacks can yield.

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By GlobalData

In particular, the centre is designed to dramatically speed up the response time between public and private organisations during key events such as major cyberattacks or natural disasters, making it easier for cybercrime to be effectively tackled.

“Financial services will always be at the top of the target list for attackers due to the vast pool of customer data and credentials under our responsibility,” said Javier Perez, president Europe at Mastercard.

“Our European Cyber Resilience Centre improves collaboration amongst key organisations, helping to ensure businesses and individuals feel secure when sharing information online.”

The decision to partner across public and private lines also showcases the growing acknowledgement that cybersecurity is not an issue that can be effectively resolved with closed silos.

“The security and privacy of our customers’ data is paramount. Fraudsters and hackers know no borders or nationalities, so threats can strike from every corner of the world. Only a joint effort that involves all parties will be able to place Europe on the frontline of enterprise resilience,” said Perez.

“This new centre will synchronise our global resources and partners to constantly seek and adopt the best practices for us and our customer network.”

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