Mastercard announces the acquisition of the Swedish cybersecurity company Baffin Bay Networkswith the aim of supporting companies in the fight against the increasingly widespread and challenging cyber attacks.
Mastercard acquires Baffin Bay Networks against hacker attacks
The new acquisition adds to a Mastercard’s broader tiered approach and contributes to thwart attacks while mitigating risk exposure throughout the ecosystem. The acquisition thus further strengthens Mastercard’s broad offering of cybersecurity-related services, which extends beyond the digital payments sector.
The current scenario characterized by a growing digitizationif on the one hand it offers greater opportunities for people, businesses and governmentson the other highlights the need to strengthen protection systems to counter cybercriminals who misuse technology through malware, ransomware, and distributed disruption of service (DDOS) attacks. We point out, in fact, that he has registered a 22% increase in DDOS attacks in 2022 alone.
In order to counter these threats, Mastercard will integrate its solutions into a single IT service that will be available to all of its customers globally. The current RiskRecon data analysis service allows companies to proactively identify the weaknesses and vulnerabilities of the entire ecosystem of suppliers and third parties. In addition, customers will now be able to benefit from the service Threat Protection of Baffin Bay, which prevents cybercriminals from penetrating or compromising vital computer systems.
The floor to Ajay Bhalla, President of Cyber and Intelligence of Mastercard
“As Mastercard, it is essential for us to establish a relationship based on trust with our customers and partners, with the aim of together promoting and supporting an increasingly inclusive and digital future. Baffin Bay Network’s cloud-based, preemptive, instant AI-powered technology, combined with our analytical capabilities, will allow us to deliver a unique, cutting-edge computing solution.” says Ajay Bhalla, President of Cyber and Intelligence at Mastercard. “We will thus be able to offer our customers a faster, smarter and more secure protection service, capable of protecting them from frequent cyber risks”.
Baffin Bay Networks’ solution uses the latest technologies powered by artificial intelligence to Automatically filter and thwart potentially risky internet traffic. Additionally, this software has a proven track record in mitigating and preventing costly and damaging cyber breaches.
A word from Joakim Sundberg, Founder and Chief Technology Officer of Baffin Bay Networks
“Our cloud-based Threat Protection service uses a simple and effective way to protect against online and app-based attacks,” says Joakim Sundberg, Founder and Chief Technology Officer (CTO) of Baffin Bay Networks. “Our companies share the same mission, that of providing customers with security and trust. We are very excited to join Mastercard to expand our footprint globally.”