Mastercard and Global Cyber Alliance launch cybersecurity toolkit for small businesses

The Global Cyber Alliance, an international, cross-sector effort dedicated to eradicating cyber risk announced today, in collaboration with global payments processing provider Mastercard, the launch of a new cyber security toolkit. Available as a free online resource, the platform is specifically aimed at protecting the digital interests of small businesses by offering guidance and tools with clear directions to combat the increasing volume of cyber attacks seen worldwide.

The Global Cyber Alliance has partnered with several additional organizations to create the GCA Cybersecurity Toolkit, including the Center for Internet Security, the Cyber Readiness Institute, the City of London and the City of New York. The toolkit will also be regularly updated with input from users, industry experts, and public and private partners across the globe.

According to a report by CNBC, cybercrime is estimated to have cost the global economy $600bn in 2017, up drastically from $445bn in 2014. That number is expected to rise, in no small part “due to the lower cost of entry and advancements in technology such as machine learning and artificial intelligence,” Ian Yip, the Asia Pacific CTO at cybersecurity firm McAfee, told CNBC in an interview.

According to the companies, 58% of all cyber attacks are directed against small businesses which make up 99% of all registered businesses globally, including the United States, European Union and United Kingdom. According to the City of London Police Commissioner Ian Dyson, cyber attacks cost businesses an estimated US$8.7bn, as a result of social media and email accounts being compromised, between April and September 2018.

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Dyson said: "As the national lead force for fraud and a founding member of the Global Cyber Alliance, we are always pleased to see new initiatives that will assist businesses in improving their cyber security. It's therefore essential that we, as a force, continue to work closely with businesses as well as the organisations that serve to protect them."

"I applaud the deployment of a cyber toolkit for small and medium businesses. This support is of critical importance to help smaller organizations effectively deal with increasingly complex and more frequent cyber threats," said John Gilligan, president and CEO of the Center for Internet Security.

"NYCEDC is proud to partner with the Global Cyber Alliance on the Cybersecurity Toolkit to better educate small businesses about the risks of cyberattacks. Small businesses play a critical role in New York City's economy and represent an underserved customer base for cyber education and technologies," said Nicholas Lalla, project lead for Cyber NYC, at the New York City Economic Development Corporation (NYCEDC).