Sweden

Mastercard Acquires Baffin Bay Networks to Strengthen Customer Security

by Fintechnews Nordics March 21, 2023

Payment giant Mastercard has acquired Swedish cloud-based cybersecurity company Baffin Bay Networks to add to its multi-layered approach to cybersecurity.

The acquisition further strengthens Mastercard’s broader services offerings and value beyond the payment transaction.

Baffin Bay Networks’ uses the latest in AI technology to automatically filter and counteract malicious internet traffic.

Mastercard said the firm has a proven track record of mitigating or preventing costly and potentially catastrophic breach cyber events.

Mastercard will integrate its solutions into a single cyber service available to all its customers across the world. Its existing RiskRecon data analytics enables organisations to identify vulnerabilities in advance.

Customers will now benefit from Baffin Bay’s automated Threat Protection service, which helps to stop attackers from penetrating or taking down cyber systems.

Ajay Bhalla

“We see trust as central to securing the future of our digital world. The addition of Baffin Bay Network’s instantaneous, predictive and cloud-based AI technology to our existing analytical capabilities will deliver a leading, singular cyber solution. This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk.”

said Ajay Bhalla, President of Cyber and Intelligence at Mastercard.

Joakim Sundberg

“Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks. Our two companies share this vision: to provide our customers with security and trust. We are thrilled to join the Mastercard family to expand our impact across the globe.”

said Joakim Sundberg, Founder and Chief Technology Officer at Baffin Bay Networks.

Featured image credit: Edited from Freepik