PURCHASE, NY–Mastercard has released Cyber Secure, which is reportedly a first-of-its-kind, artificial intelligence (AI)-powered suite of tools that allows banks to assess cyber risks across their ecosystems and prevent potential breaches.
With these capabilities, banks can identify and prioritize threats and vulnerabilities throughout their cyber environment. Additionally, acquiring banks can help merchants understand their own cyber risk, thereby 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, said Mastercard. 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 percent of this generated in the last two years alone, according to IBM Marketing Cloud (10 Key Marketing Trends For 2017). But it is estimated that one business will fall victim to a ransomware attack every 11 seconds by next year, according to the Varonis Cyber Security Statistics, 2020.
Cyber Secure is a big step forward in the continuous quantifying and prioritizing of cyber vulnerabilities. By empowering banks with the ability to continuously monitor and track their cyber posture, it moves the industry to a more proactive state in managing and preventing data compromise, thus protecting the integrity of the payment ecosystem and consumer data. In addition, it helps to reduce financial losses associated with attacks, saves time and resources, and provides a comprehensive view of cyber risk through one application.
Drawing on the capabilities of RiskRecon, acquired by Mastercard in 2020, the risk assessment is performed 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.
“The world today faces a $5.2 trillion cyber breach problem [Accenture Ninth Annual Cost Of Cyber Crime Study, 2019],” said Ajay Bhalla, president, cyber & intelligence, Mastercard. “This is one of the biggest threats to consumer trust. 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.”