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Mastercard working on $510M cybersecurity centre in BC through partnership with Canadian government

Mastercard announced this week that they are working on a $510 million expansion of their global technology centre in Vancouver.

The project is a brand new cybersecurity centre, which will “develop cyber solutions for the payments ecosystem globally.”

MasterCard unveiled that the expanded centre will create 270 new jobs and 100 student co-op positions.

“Ensuring payments are both convenient and secure has always been a top priority for Mastercard,” said Ajay Banga, president and chief executive officer of Mastercard.

“The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things.”

The Vancouver centre is being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard.

“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,” said The Honourable Navdeep Bains, Minister of Innovation, Science and Industry.

“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.”

Located in The Exchange office tower in the restored Old Stock Exchange building, the Vancouver centre is currently home to the NuData Security team with added members from Mastercard’s Research & Development, Operations & Technology, and Cyber & Intelligence divisions.

The investment will open roles for software engineers, data scientists, project managers, analysts, product designers and information security experts

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