Michael Miebach, CEO of Mastercard, emphasized the critical role of cybersecurity in our digital landscape during his address at the World Economic Forum in Davos, Switzerland. He stated, “Cybersecurity is the foundation for our digital world. It is at the heart of trust and will allow society to fully benefit from the transformations enabled by new technologies like AI and quantum.” Miebach highlighted that addressing cybersecurity challenges requires a collaborative effort, urging stakeholders to share intelligence globally and develop the skills necessary to tackle emerging risks. He warned, “Society knows what’s at stake if we get this wrong. It’s critical that we get it right. If we do, we’ll be able to deliver on the many possibilities for so many people around the world.”
In relation to the increasing threats posed by cybercrime, a 2025 article from Central Bank Payment News featured insights from Mastercard's Rigo Van den Broeck, EVP of Cybersecurity, and Jesse McWaters, EVP and Head of Global Policy. They noted that “Ransomware, scams, and other kinds of financial crime have increased in prevalence.” The article projected that cybercrime costs are expected to reach $10.5 trillion annually by 2025, up from $3 trillion in 2015, according to industry analysts. The authors pointed out that threat actors are leveraging emerging technologies, including Generative AI, to enhance the sophistication and scale of their social engineering campaigns, complicating the fraud landscape even further.
Moreover, Mastercard previously reported that global losses and damages from cyberattacks amounted to $9.5 trillion in 2024, making cybercrime the third-largest economy in the world. Projections suggest that by 2031, the cost of cybercrime could escalate to $1 trillion per month.
Valdecy Urquiza, Secretary-General of INTERPOL, echoed Miebach’s sentiments at the World Economic Forum, stating, “Facing rapid innovation in tech combined with the transformative impact of AI, law enforcement cannot fight cybercrime in isolation. Protecting communities now depends on true multi-stakeholder cooperation. Only together can we stay ahead of criminals and uphold safety, rights, and resilience for a secure digital future.”
It is evident that a unified approach is essential in the ongoing battle against cybercrime.
