Mastercard is launching Cyber Secure, an innovative suite of tools powered by Artificial Intelligence (AI) that will let banks tackle the growing risk of cybercrime.
According to the credit card giant, at least 1 in 4 organisations have experienced a cyber attack in the last 12 months. Attacks are being further exacerbated by the coronavirus pandemic, as criminals have been quick to capitalize on the chaotic situation caused the health crisis, with many banks suffering from stolen assets or compromises in security in recent months.
Mastercard says it hopes Cyber Secure will enable banks to better monitor their internal systems, while hopefully preventing attacks by identifying potential threats, and weaknesses, within their operations.
Mastercard is also setting its sights on Internet of Things (IoT) technology as part of the security initiative. It says IoT is responsible for the generation of 2.5 quintillion bytes of data every day, with 90% of this data having been accumulated in the last two years.
Increasing cases of ransomware attacks are another priority for Mastercard. It estimates that by next year a business will become the victim of a ransomware attack every 11 seconds. The suite of new tools inside Cyber Secure will help businesses fend off threats following Mastercard’s acquisition of RiskRecon this year.
This specialist company uses AI to evaluate data against 40 security and infrastructure criteria, which flags up potential threats to businesses based on its own cyber risk rating system.
“The world today faces a $5.2 trillion cyber breach problem. 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,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard.
“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,”