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During the exercise, decision-makers and subject matter experts from across the public and private sectors came together and worked on operational exercises using the threatcasting methodology. From this, a framework emerged to plan, prepare and make decisions to keep financial systems running securely in a complex and uncertain environment.
The Covid-19 pandemic exposed how one event can set off a chain of destabilizing impacts
that can cripple businesses, critical infrastructure and everyday life. Interest in threatcasting has grown in the wake of that, especially when it comes to assessing risks with emerging technologies.
As technology continues to evolve, it is vital to look for ways to safeguard data. Imagine a scenario in which quantum computer hackers of the future bypass encryption locks and confiscate data at scale. Threatcasting helps organizations protect themselves — and their customers — by creating detailed blueprints so leaders can respond with deliberate tactics, rather than react in the moment.
Imagine this:
There’s a global banking collapse, the economy craters and AI-enabled cyberattacks significantly disrupt companies and governments.
Or what about this:
Another pandemic spreads across the world, daily life grinds to a halt and critical systems buckle.
What would you do?
Can you think of measures that would help mitigate the fallout?
Welcome to the world of threatcasting, a type of planning exercise in which organizations and subject matter experts discuss disastrous scenarios — and draw out maps of how to reduce their imagined impacts. Building such frameworks guards against surprises when a crisis takes center stage.
Mastercard has been on the front lines of threatcasting for five years and hosted its annual session this summer in New York City with renowned futurist Brian David Johnson, who runs the Threatcasting Lab at Arizona State University.
“What do we need to do today, tomorrow, five years from now to disrupt, mitigate and recover from those threats?”
“How can we better prepare to make the future safer?”
This year’s research question was: What are future threats to consumers, customers, Mastercard and the broader financial ecosystem from regional, national and international destabilizing events?
“Threatcasting provides a great format for us to practice how we’re going to plan.”
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