The modernization of the economy into a seamless, contactless digital experience is opening a world of opportunities for the business community. According to Mastercard research, 74 per cent of Canadians believe that small businesses must adopt technological advancements to remain competitive. The digital economy is unlocking new markets, enabling Atlantic Canadian businesses to service their customers and reach new ones in innovative ways.

For example, cutting-edge products are being used to analyze data in real-time to predict market trends, while tools like Artificial Intelligence are automating tasks, freeing up time and resources for business owners to reinvest, grow and prosper. However, this growing digital footprint also comes with the rising threat of cybercrime, which has become a multibillion-dollar industry globally. A single cyberattack can cripple a business, impacting customer trust and inflict lasting harm on local economies.

“Cybercriminals are becoming much more sophisticated in their attacks,”

—Mansur Mirani, Vice President, Global Intelligence and Cyber Centre of Excellence in Vancouver, Mastercard.

“Cybercriminals are becoming much more sophisticated in their attacks,” said Mansur Mirani, Vice President, Global Intelligence and Cyber Centre of Excellence in Vancouver, Mastercard. “Criminals are also harnessing state of the art technologies like AI and social engineering to target a growing number of smart devices connected to sensitive personal information. They’re relentlessly flooding consumers, businesses, governments, and more with wave after wave of attacks.”

These ever-evolving threats require constant improvements to complex cybersecurity systems. To address this, Mastercard has teamed up with the University of New Brunswick to leverage its expertise.

Through a $1.75 million partnership with UNB’s Canadian Institute for Cybersecurity, Mastercard is supporting UNB students through scholarships and has outfitted the university with the Mastercard Internet of Things (IoT) Laboratory with state-of-the-art equipment to boost research and innovation.

“The Canadian Institute for Cybersecurity brings together researchers and other experts across social and computer sciences, business, engineering and law to share ideas and create new technologies,” said Dr. Ali Ghorbani, Director of the Canadian Institute for Cybersecurity. “Together, we are collaborating on hands-on research with real-life applications to build stronger cybersecurity solutions.”

Through this partnership, UNB researcher Dr. Rongxing Lu was also named the first Mastercard Internet of Things (IoT) Chair. Dr. Lu is leading groundbreaking research in identity management and anomaly detection for IoT devices, strengthening cybersecurity solutions capable of quickly detecting fraudulent transactions and protecting sensitive information.

“One of the main benefits of working with Mastercard and leveraging its global expertise in cybersecurity, is the diverse perspectives they bring to our research when it comes to real-world use cases,” said Dr. Ghorbani.

“Thanks to Mastercard, we have access to real-time updates on what vulnerabilities cybercriminals are attacking, allowing us to target our research to areas that will provide the biggest benefit for Canadians and businesses,”

—Dr. Ali Ghorbani, Director of the Canadian Institute for Cybersecurity.

Each month, Mirani and other members of the Mastercard team meet with Dr. Lu, and students working in the IoT lab to exchange ideas and discuss cybersecurity trends.

“Thanks to Mastercard, we have access to real-time updates on what vulnerabilities cybercriminals are attacking, allowing us to target our research to areas that will provide the biggest benefit for Canadians and businesses,” said Dr. Ghorbani.

Beyond strengthening digital safeguards, the partnership also opens opportunities for investment, prosperity and economic growth in Atlantic Canada, by growing the tech workforce in the region through scholarships and potentially blossoming startups as new innovations are developed.

“The digital transformation is fundamentally changing how businesses operate all around the world,” said Mirani. “At Mastercard, and through strategic partnerships like the one we have with UNB, we’re not only committed to ensuring businesses can safely navigate the digital economy, but we’re ensuring communities across Canada play a leading role in driving innovation locally by growing a highly skilled tech workforce.”