In an effort to fortify its cybersecurity, Mastercard has acquired Baffin Bay Networks, a Swedish cloud-based cybersecurity company. As reported by Yahoo Finance, the security firm brings a cloud-based Threat Protection Platform that goes against cyber threats in multiple layers. It also offers a Web Application Platform that detects vulnerabilities and initiates protection automatically.  

A Robust Alliance for Mastercard

Mastercard has strategically chosen to not only stop attacks, but to also reduce the exposure of risk throughout the ecosystem. It will combine its current solutions into one cyber service and make it available to its customers worldwide.  

Via Baffin’s Threat Protection service, customers will benefit from a robust protection against attackers. 

“We see trust as central to securing the future of our digital world,” said Ajay Bhalla, president of Cyber and Intelligence at Mastercard in a press release. “The addition of Baffin Bay Network’s instantaneous, predictive and cloud-based AI technology to our existing analytical capabilities will deliver a leading, singular cyber solution. This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk.” 

Joakim Sundberg, founder and chief technology officer at Baffin Bay Networks, added, “Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks. Our two companies share this vision: to provide our customers with security and trust. We are thrilled to join the Mastercard family to expand our impact across the globe.” 

Cyberattacks: An Ongoing Nemesis 

Organizations and businesses around the world are not immune to cyberattacks. Increased technological innovation has brought about solutions to improve processes. At the same time, these advancements have also seen more sophistication in the modes of attack by fraudsters. And the amount of damage is staggering. A report by Statista found that the cost of global cybercrime is expected to escalate from $8.44 trillion in 2022 to $23.84 trillion by 2027.  

Many businesses are fully aware of these threats, yet few have the right solutions in place to prevent, detect, or to mitigate fraud. Whether they have legacy systems, lack sufficient capital to invest in the latest fraud solutions, or the acceptance of the cost of doing business, not enough is being done to address this troubling issue.  

Without properly addressing fraud, businesses run into the added risk of, not only losing money, but losing their reputation, and putting the customers’ sensitive information at risk. 

The Bottom Line 

Every industry sector has its own share of battles when it comes to cybersecurity. The underlining factor for consumers to continue to do business with an organization is trust. Tracy Kitten, Director of Fraud and Security at Javelin Strategy & Research delves deeper into the issue of trust for consumers in this report, particularly when it comes to cybersecurity within the banking industry.  

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