Mastercard has launched a new AI-powered suite of tools to help banks assess cyber risk across their ecosystem and prevent potential breaches. Called Mastercard Cyber Secure, the payment provider says it’s “a first-of-its-kind.”
Cyber Secure will aid banks in the proactive identification of cyber threats within their cyber environment. It will also help reduce financial losses associated with attacks, save time and resources, and provide a comprehensive view of cyber risk through one application.
The proactive assessment of threats leverages RiskRecon’s advanced AI engines, acquired by Mastercard in 2020, using multiple public and proprietary data sources.
The company estimates that by the year 2021, one business will be affected by a ransomware attack every 11 seconds.
“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, preventing hundreds of millions of dollars in potential fraud,” Mastercard wrote in a statement.
Mastercard says it saved stakeholders $20bn of fraud by using its AI-enabled cyber systems in 2019 alone.
The company hopes Cyber Secure will be a key part of its multi-layered cybersecurity strategy moving forward. Their multi-layered cybersecurity blueprint aims to secure the ecosystem, protect cyber environments, define industry standards, and collaborate across industries.
“The world today faces a $5.2 trillion cyber breach problem. This is one of the biggest threats to consumer trust,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard.
“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.”