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Mastercard launches cybersecurity alliance

Tuesday 8 February 2022 13:38 CET | News

Mastercard has announced the roll out of its ‘Global Cybersecurity Alliance Programme’ to facilitate businesses and their vendors reduce third party threats.

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.


Source: Link


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Keywords: MasterCard, cybersecurity, cybercrime, research, risk management, fraud prevention
Categories: Fraud & Financial Crime
Companies: Mastercard
Countries: World
This article is part of category

Fraud & Financial Crime

Mastercard

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