The Intelligence and Cyber Centre will develop technologies to combat cybercrime and make Canada a leader in cybersecurity
DAVOS, Switzerland, Jan. 23, 2020 /CNW/ - Digital technologies are integral to our daily lives. By 2025, there will be 75 billion connected devices around the world. Canadians must be able to trust that their data and privacy are protected online.
Today, while at the World Economic Forum Annual Meeting in Davos, Switzerland, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, met with Ajay Banga, CEO of Mastercard. They announced a $510-million investment by Mastercard to establish the new global Intelligence and Cyber Centre in Vancouver, British Columbia (of which $420 million is eligible under the Strategic Innovation Fund). The Government of Canada is investing $49 million to support this project. In addition to raising Canada's stature as a leader in cybersecurity, the project will support 380 jobs and enable the creation of 100 new co-op positions.
The centre will focus on creating technologies and standards to ensure that Canadians and others around the world can safely use any device that could be connected to the Internet—phone, tablet, computer, vehicle—without concern that their personal and financial information could be stolen.
In collaboration with universities, businesses and the public sector, the centre will also create software tools that enable organizations of all sizes to build and integrate cybersecurity technologies more efficiently into their operations.
Quotes
"As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected. Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
"Ensuring payments are both convenient and secure has always been a top priority for Mastercard. We have a proud history of innovation in Canada, and we appreciate the support from the Canadian government as we deliver on a commitment to lead in digital security. Our new Intelligence and Cyber Centre in Vancouver will help meet the growing demand for technology solutions to reduce the cost of cyberattacks, enable today's connected devices to become tomorrow's secure payment devices, and address the growing vulnerabilities associated with the Internet of Things. These innovations will benefit consumers and businesses in Canada and around the world."
– Sasha Krstic, President of Mastercard in Canada
Quick facts
- Mastercard is a technology company in the global payments industry. Mastercard Technologies Canada, formerly NuData Security Inc., is a financial technology company and a subsidiary of Mastercard Incorporated. This expansion is the latest in a series of investments by Mastercard in Canada, reinforcing the company's commitment to supporting Canadian innovation and technology talent.
- The new centre will build on NuData Security and complement Mastercard's Canadian headquarters in Toronto. This project aligns with the Government of Canada's National Cyber Security Strategy—a roadmap for Canada's path forward on cybersecurity—and with the recommendations of the Economic Strategy Table on Digital Industries.
- The investment in Mastercard's global cybersecurity centre in Vancouver is made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy.
- In addition to creating and maintaining a total of 380 jobs, this project will enable the creation of 100 student co-op positions.
- In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada's economy. With its simple, story-based user interface, the Innovation Canada platform can match businesses with the most fitting programs and services in about two minutes.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Véronique Simard, Senior Advisor, Communications and Media Relations, Office of the Minister of Innovation, Science and Industry, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]
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