Mastercard acquires Baffin Bay Networks

Monday 20 March 2023 13:09 CET | News

Mastercard has acquired cloud-based cybersecurity company Baffin Bay Networks to strengthen customer security and help businesses address cyberattacks.


As per the information detailed in the press release, the acquisition of the Sweden-based company is believed to add to Mastercard’s multi-layered approach to cybersecurity and help stop attacks, while simultaneously mitigating exposure to risk throughout the ecosystem. What is more, the acquisition aims to further strengthen Mastercard’s broader services offerings and value beyond the payment transaction.

Acquisition context and what it means for cybersecurity

The current increasingly digital world has contributed towards the delivery of greater convenience and increased opportunities for people, businesses, and governments alike. Concomitantly, it has brought forth a need for strengthened protection against criminals who exploit this technology through means of malware, ransomware, and distributed denial of service (DDOS) attacks, with the announcement highlighting that throughout 2022 alone, DDoS attacks showcased a 22% increase.

Aiming to counter these threats, Mastercard is set to integrate its solutions into a single cyber-service available to all its customers throughout the world. Its existing RiskRecon data analytics helps organisations identify vulnerabilities in advance, and following this acquisition, customers will be able to leverage Baffin Bay’s automated Threat Protection service, which helps stop attackers from either penetrating or taking down cyber systems.

Mastercard has acquired cloud based cybersecurity company Baffin Bay Networks to strengthen customer security and help businesses address cyberattacks.

Commenting on the announcement, Ajay Bhalla, President of Cyber and Intelligence at Mastercard advised that the company sees trust as being central to securing the future of the digital world. As per their statement, the addition of Baffin Bay Network’s instantaneous, predictive, and cloud-based, AI technology to Mastercard’s existing analytical capabilities is believed to deliver a singular cyber solution, which will enable the company to offer its worldwide customers cyber-risk protection in an increasingly fast, smart, and effective manner.

Based on the press release information, Baffin Bay Networks’ cloud-based solution leverages the most up-to-date AI technology to filter and counteract malicious internet traffic automatically, having a proven track record of mitigating or preventing costly and potentially catastrophic cyber breach events alike.

Joakim Sundberg, Founder and Chief Technology Officer at Baffin Bay Networks stated that the company’s cloud-based Threat Protection service offers a simple and effective way of safeguarding against application and network-level attacks. As the two companies share a common vision of providing customers with security and trust, the spokesperson advised that Baffin Bay Networks is looking forward to being part of the Mastercard ‘family’ and expanding its impact throughout the globe.

Baffin Bay Networks’ strategy and offering

A Sweden-based cyber technology company, Baffin Bay Networks provides a cloud-based Threat Protection Platform that helps customers mitigate both application and network-level attacks. The platform is backed by machine learning and includes threat intelligence from a global threat research team, helping stop DDoS attacks with precision and providing data to help make proactive decisions related to a customer’s security policies. What is more, its Web Application Platform leverages machine learning looking to identify vulnerabilities and automate protection, as the clients’ applications change.

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Keywords: acquisition, online fraud, fraud management, fraud detection, artificial intelligence, machine learning, cybercrime, cybersecurity, fraud prevention, cloud services, DDoS, risk management, data analytics, financial services
Categories: Fraud & Financial Crime
Companies: Baffin Bay Networks, Mastercard
Countries: World
This article is part of category

Fraud & Financial Crime

Baffin Bay Networks



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