Like every other industry, the banking industry is too joining the race to run on the cloud. The COVID-19 pandemic has shown that this sector can flourish in regulating, streamlining, and improving the information technology infrastructure without the physical links of a workplace. Consequently, banks have now dramatically expanded spending on protecting remote employees, many of whom are expected to be unable to return to work for months to come.
As such, Mastercard, an American multinational financial services corporation has launched Cyber Secure, a one of a kind AI-powered suite helping banks to assess cyber risk across their ecosystem. Powered by AI, these tools help banks to recognize risks and weaknesses in their whole cyber ecosystem and to take them on priority. Furthermore, in order to deter hundreds of millions of dollars in possible theft, the acquisition of banks will also help companies consider their own cyber threats.
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Cyber Secure constitutes a great step forward in continuous cyber risk quantification and priority setting. By enabling banks to monitor and supervise their cyber posture continuously, it leads the industry to a more proactive position in the management and prevention of data compromise, protecting the integrity of payment systems and consumer information. In addition, it reduces attack-related financial losses, saves time and resources, and provides a full overview of cyber risk in one application.
The risk evaluation is conducted using advanced AI, integrating various public and proprietary data sources based on the industry-leading capability of RiskRecon, acquired by Mastercard in 2020. The AI tests data against 40 protection and infrastructure requirements, with each vulnerability evaluated in order to generate a cyber risk ranking and priority navigator problems.
In 2019, with its AI-powered cyber systems, Mastercard saved its stakeholders $20 billion of fraud. Cyber Secure is an important part of the multi-layered Mastercard cybersecurity strategy for ecosystem stability, cyber environment protection, define industry standards, and collaboration across industries.
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“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,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard.
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