Mastercard has acquired Baffin Bay Networks to enhance its cybersecurity services for businesses. The payments giant will utilise the Swedish cloud-based cybersecurity company’s AI and cloud-based ‘cyber-shield’ technology to bolster customer protection.
The move adds to Mastercard’s multi-layered approach to cybersecurity and will also assist businesses in mitigating risk from cyberattacks. It will also help Mastercard expand its services beyond payment transactions.
According to recent statistics, distributed denial of service (DDoS) attacks rose by 22 per cent in 2022 alone. By integrating solutions into a single cyber service, Mastercard aims to provide businesses with greater protection.
Mastercard will use RiskRecon data analytics to spot potential threats and merge Baffin Bay Networks’ Threat Protection into its cybersecurity solution. The AI-powered solution by Baffin Bay Networks identifies and counters malicious internet traffic, preventing expensive cyberattacks.
Mastercard president of cyber and intelligence, Ajay Bhalla, said: “We see trust as central to securing the future of our digital world. 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.”
Bhalla also believes this new solution will offer faster and more effective protection from cyber risk.
Baffin Bay Networks’ founder and CTO, Joakim Sundberg, commented: “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.”
The Swedish company’s cloud-based platform, backed by machine learning, identifies vulnerabilities and automates protection as applications change.