Mastercard: protecting digital ecosystems with AI
In an announcement made by Mastercard, the company reported the launch of its new AI power solution - Cyber Secure. The first of its kind suite of tools has been designed to allow banks to assess cyber risks across their ecosystem, and prevent potential breaches.
Mastercard reports that the capabilities provided by its new suite of tools will allow banks to identify and prioritise threats and vulnerabilities throughout their cyber environment, as well as the capability for acquiring banks to help merchants understand their own cyber risks and prevent fraud.
“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. 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,” commented Ajay Bhalla, president, Cyber & Intelligence, Mastercard.
The company expects Cyber Secure to be a big step forward when it comes to quantifying and prioritising cyber vulnerabilities, by empowering banks with the capability to continuously monitor and track their cyber posture.
“It moves our industry to a more proactive state in managing and preventing data compromise, protecting the integrity of the payment ecosystem and consumer data. In addition, it helps to reduce financial losses associated with attacks, saves time and resources, and provides a comprehensive view of cyber risk through one application,” stated in a company statement.
Drawing on the capabilities of RiskRecon - acquired by Mastercard in 2020 - the risk assessments conducted by the new solution is performed by harnessing advanced AI that combines public and proprietary data sources.
In 2019 alone, Mastercard saved stakeholder US$20bn of fraud via its AI enabled cyber systems.