Amid rising concerns over cyber threats especially with e-payment transactions, leading digital payment solutions company, Mastercard has announced the acquisition of Baffin Bay Networks to enhance its multi-layered protection against cyber risk.
According to the company, to counter these threats, Mastercard will integrate its solutions into a single cyber service available to all its customers across the world adding that its existing RiskRecon data analytics enables organizations 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 cloud-based, AI technology to our existing analytical capabilities will deliver a leading, singular cyber solution”, said Ajay Bhalla, President of Cyber and Intelligence at Mastercard.
“This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk.”
For his part, Joakim Sundberg, Founder and Chief Technology Officer at Baffin Bay Networks said: “Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks”
“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” he added.
Baffin Bay Networks, based in Sweden, adds to Mastercard’s multi-layered approach to cyber security 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.
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.
(ME)