Innovation Minister and Mastercard launch cyber centre in Vancouver

Innovation Minister Navdeep Bains and Mastercard announced the launch of a new global intelligence and cyber centre in Vancouver, British Columbia.

Mastercard is investing $510 million to establish the centre, and the Government of Canada is investing $49 million to support the project.

The government says that the centre will not only increase Canada’s stature as a leader in cybersecurity, but will also support 380 jobs and create 100 new co-op positions. The centre will focus on creating technology and standards to ensure that Canadians can safely use devices connected to the internet, without fearing that their personal information could be compromised.

“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,” Bains said in a press release.

The project will also collaborate with universities, businesses and the public sector to create software tools to enable companies to integrate cybersecurity technologies.

It’s no surprise that the government is aiming to improve cybersecurity practices in the country, since several companies have faced security breaches in the past few years. For instance, LifeLabs recently disclosed that it faced a cyberattack that could have compromised the information of 15 million customers.