Cyber SecureTM offers the first set of integrated cyber capabilities for banks and their businesses
Mastercard today announced the launch of Cyber Secure, a set of artificial intelligence (AI) tools, the first of its kind, which enables banks to assess cyber risk across their ecosystem and prevent potential breaches . With these capabilities, banks can identify and prioritize threats and vulnerabilities across their cyber environment. In addition, acquiring banks can help merchants understand their own cyber risk, preventing hundreds of millions of dollars in potential fraud.
As the digital economy grows, both in size and complexity, its vulnerable points of attack also increase. An example of this is the rapid advance of connected objects: 2.5 billion and a half billion bytes of data are generated every day by people and their devices, 90% of which in the past two years alone. It is estimated that a company will fall victim to extortion software every 11 seconds by next year.
“The world today faces a $ 5.2 billion cyber fraud problem. It is one of the biggest threats to consumer confidence. At Mastercard, we want to stay one step ahead of fraudsters and we want to continually evolve and improve the protection of cyber environments for our banking and merchant customers. With Cyber Secure, we have a set of AI-powered cyber capabilities that allow us to do just that, ensuring trust in all experiences, for businesses and consumers, ”said Ajay Bhalla, President of Cyber & Intelligence, at Mastercard.
Cyber Secure is a big step forward in the continuous quantification and prioritization of cyber vulnerabilities. By giving banks the ability to continuously monitor and track their cyberposition, it enables our industry to be more proactive in managing and preventing data compromise, protecting the integrity of the payments ecosystem and consumer data. In addition, it helps reduce financial losses associated with attacks, save time and resources, and provide a holistic view of cyber risk through a single application.
Building on the advanced capabilities of RiskRecon, acquired by Mastercard in 2020, the risk assessment is performed using advanced AI that combines multiple public and proprietary data sources. AI assesses data against 40 security and infrastructure criteria, with the impact and severity of each vulnerability analyzed to produce a cyber risk assessment and prioritization of issues. In 2019, Mastercard saved stakeholders $ 20 billion in fraud savings with its AI-powered cyber systems. Cyber Secure is a key part of Mastercard’s multi-layered cyber security strategy to secure the ecosystem, protect cyber environments, set industry standards and collaborate across industries.
