Mastercard launches Cyber Secure, an innovative suite of artificial intelligence (AI) tools that will enable banks to address the growing risk of cybercrime. According to the credit card giant, at least 1 in 4 companies have suffered a cyberattack in the last 12 months. The attacks are exacerbated by the coronavirus pandemic, as criminals quickly capitalized on the chaotic situation caused by the health crisis, with many banks suffering asset theft or security compromises in recent months. Mastercard hopes Cyber Secure will allow banks to better monitor their internal systems, while preventing attacks by identifying potential threats and weaknesses in their operations. Mastercard is also targeting Internet of Things (IoT) technology as part of the security initiative. It claims that IoT is responsible for generating 2,5 trillion bytes of data every day, and that 90% of that data has been accumulated in the last two years.
Ransomware attacks
Another priority for Mastercard is the increase in cases of ransomware attacks. It estimates that by next year, a company will experience a ransomware attack every 11 seconds. Cyber Secure's suite of new tools will help businesses defend against threats following Mastercard's acquisition of RiskRecon this year. This specialized company uses AI to compare data against 40 security and infrastructure criteria, which flag potential threats to businesses based on its own cyber risk rating system. “The world today faces a €5,2 trillion cyber breach problem. It is one of the biggest threats to consumer confidence. At Mastercard, our goal is to stay one step ahead of fraudsters and continually evolve and improve our protection of cyber environments for our banking and merchant customers,” said Ajay Bhalla, president of Cyber & Intelligence. MasterCard. "With Cyber Secure, we have a set of AI-powered cyber capabilities that allow us to do just that, ensuring trust in every experience, for businesses and consumers."