PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Mastercard Amps Up Cybersecurity with its Latest Acquisition

By Connie Diaz De Teran
March 24, 2023
in Analysts Coverage, Fraud & Security, Security
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Security

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.  

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: AIBankingCloudCybercrimeCybersecurityMastercardSecurity

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025
    agentic commerce

    The Agentic Advent: How the Next Iteration of AI is Shaping Commerce

    June 6, 2025
    payments hub, digital banking

    All in One: How a Payments Hub Eliminates the Pain Points

    June 5, 2025
    Vertical SaaS

    From Underdogs to Industry Leaders: How Vertical SaaS Powers Mid-Sized Firms

    June 4, 2025
    credit card surcharging

    A Perfectly Understandable Bad Idea: Why Merchants Should Reconsider Surcharging

    June 3, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result