According to Mastercard, three out of five (60%) of cyberattacks come in through outside vendors. Research from RiskRecon and Cyentia Institute pointed out that multi-party cyber breaches can cause 26 times more financial damage, compared with an attack that affects only one target. The US-based card brand is hoping to help mitigate that risk.
Mastercard noted in the press release that understanding third-party risk can be a time-consuming endeavour, as it relies on analysing a variety of factors that contribute to a company’s overall rating. For many businesses, understanding their own rating is becoming important as more customers are looking at vendors’ risk profile as a condition of doing business.
To that end, the US-based card brand plans to work with financial institutions and financial technology companies to create new technologies, monitoring, and applications to help them improve security for all.
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