Mastercard Forecasts $17 Trillion Cyber Damage Cost by 2028

Global financial technology firm Mastercard anticipates that the cost of damages from cyberattacks worldwide will hit $17 trillion in 2028. Amid this projection, the company is actively broadening its investment footprint in Saudi Arabia, specifically targeting emerging fintech startups. Saud Sawar, Mastercard’s general manager for Saudi Arabia, Bahrain, and the Mashreq region, provided these details to Al-Eqtisadiah.

Saudi Investment Expansion Strategy

The regional executive outlined that the corporation is leveraging assistive technology to combat financial fraud. This effort centers on a Cyber Resilience Hub designed to coordinate operations as part of a comprehensive ecosystem within the Kingdom. The hub works alongside both government entities and private sector partners to address cybersecurity challenges effectively.

Cybersecurity Innovation Spending

Over the past seven years, Mastercard has committed $10.7 billion to innovations in cybersecurity. These expenditures have focused on evaluating evolving threats, safeguarding customer data, and strengthening trust in digital systems. The initiative was developed in collaboration with relevant authorities to establish the resilience center mentioned earlier.

The center aims to enhance the broader sector through education, adherence to global standards, and rigorous risk assessment protocols. Its operational model integrates seamlessly with national frameworks to mitigate security vulnerabilities across public and private domains.

Regional Risk Prioritization Trends

Data from the 2025 Digital Trust Insights survey indicates shifting priorities among Middle Eastern enterprises. Fifty-five percent of companies and institutions in the region plan to prioritize reducing digital and technical risks in the coming year. This figure exceeds the global average, where only 53% of organizations report similar intentions.