Mastercard has officially launched Cyber Secure – an AI-powered range of tools that are expected to help banks prevent potential breaches.
According to the financial services company, banks can use these capabilities to identify and prioritize threats and vulnerabilities throughout their cyber environment. Additionally, acquiring banks can help merchants understand their own cyber risk, preventing hundreds of millions of dollars in potential fraud.
As the digital economy expands, both in size and complexity, so too do its points of vulnerability that may be subject to attack. One example of this is the rapidly advancing Internet of Things – 2.5 quintillion bytes of data are generated by people and their devices every day, with 90% of this generated in the last two years alone. It is estimated that one business will fall victim to a ransomware attack every 11 seconds by next year.
“The world today faces a $5.2 trillion cyber breach problem. This is one of the biggest threats to consumer trust,” says Ajay Bhalla, President of Cyber & Intelligence at Mastercard.
“At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers. With Cyber Secure, we have a suite of AI-powered cyber capabilities that allows us to do just that, ensuring trust across every experience, for businesses and consumers.”
Drawing on the capabilities of RiskRecon, acquired by Mastercard in 2020, the Cyber Secure can perform a risk assessment using advanced AI that combines multiple public and proprietary data sources. The AI evaluates the data against 40 security and infrastructure criteria, with the impact and importance of each vulnerability analyzed to produce a cyber risk rating and issue priority navigator.
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