SECURITY

Acquisition of Baffin Bay Networks enhances multi-layered protection against cyber-risk .

astercard has acquired cloud-based

Networks to better help businesses deal with the increasingly challenging nature of cyberattacks .

Baffin Bay Networks , based in Sweden , adds to Mastercard ’ s multi-layered approach to cybersecurity and helps to stop attacks , while mitigating exposure to risk across the ecosystem . The acquisition further strengthens Mastercard ’ s broader services offerings and value beyond the payment transaction .

Today ’ s increasingly digital world has delivered greater convenience and increased opportunities for people , businesses and governments . At the same time , it has exposed the need to strengthen protection against criminals who exploit this technology through malware , ransomware and distributed denial of service ( DDOS ) attacks . For example , in 2022 alone , DDoS attacks rose by 22 %.

“ This will enable us to provide our customers across the world with faster , smarter and more effective protection from cyber-risk .”

Baffin Bay Networks ’ cloud-based solution uses the latest in AI technology to automatically filter and counteract malicious Internet traffic . It has a proven track record of mitigating or preventing costly and potentially catastrophic breach cyber events .

“ Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and networklevel attacks ,” said Joakim Sundberg , Founder and Chief Technology Officer at Baffin Bay Networks .

This will enable us to provide our customers across the world with faster , smarter and more effective protection from cyber-risk .

“ 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 .”

To counter these threats , Mastercard will integrate its solutions into a single cyber service available to all its customers across the world . Its existing RiskRecon data analytics enables organisations to identify vulnerabilities in advance . Customers will now benefit from Baffin Bay ’ s automated Threat Protection service , which helps to stop attackers from penetrating or taking down cyber systems .

“ We see trust as central to securing the future of our digital world . The addition of Baffin Bay Network ’ s instantaneous , predictive and cloudbased AI technology to our existing analytical capabilities will deliver a leading , singular cyber solution ,” said Ajay Bhalla , President of Cyber and Intelligence at Mastercard .

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