Mastercard announced the acquisition of cybersecurity company Baffin Bay Networks to provide more effective protection from cyber risk to its customers.
Baffin Bay Networks, based in Sweden, adds to Mastercard’s multi-layered approach to cyber security and helps to stop attacks, while mitigating exposure to risk across the ecosystem. Mastercard did not reveal financial details of the deal to buy Baffin Bay Networks.
Mastercard will integrate its solutions into a single cyber service available to all its customers across the world. Its existing RiskRecon data analytics enables organizations 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.
“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, said Ajay Bhalla, President of Cyber and Intelligence at Mastercard.
Baffin Bay Networks’ cloud-based solution uses the latest in AI technology to automatically filter and counteract malicious internet traffic. It has a proven track record of mitigating or preventing costly and potentially catastrophic breach cyber events.
“Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks,” said Joakim Sundberg, Founder and Chief Technology Officer at Baffin Bay Networks.
Mastercard has reported net income of $9.9 billion (+14 percent) and net revenue of $22.2 billion (+18 percent) in 2022.