Mastercard's Strategic Move: Acquiring Recorded Future for Enhanced Cyber Defenses
Mastercard's Strategic Cybersecurity Acquisition
Mastercard has made headlines by acquiring cybersecurity firm Recorded Future for an impressive $2.65 billion. This acquisition is part of Mastercard's broader efforts to bolster its fraud detection and cyber defense technologies, aiming to provide enhanced security measures for merchants and financial institutions using advanced artificial intelligence.
Strengthening Security Measures
Recorded Future utilizes analytics and AI to offer real-time visibility into potential cyber threats. By improving detection and response capabilities, Mastercard seeks to deliver peace of mind to businesses involved in online transactions.
Anticipating Cyber Threats
Craig Vosburg, Mastercard's chief services officer, emphasized that this deal aligns with their strategy to innovate at a faster pace, thereby equipping customers with tools to spot potential cyber-attacks proactively. He stated that customers want greater security and assurance in their increasingly digital lives.
The Growing Challenge of Cybercrime
Cybercrime is on the rise, with projections indicating costs of $9.2 trillion for businesses globally in 2024. Recorded Future, founded in 2009, now serves over 1,900 clients worldwide, including numerous government entities and many Fortune 100 companies.
A Collaborative Approach to Strengthening Security
Earlier this year, Mastercard and Recorded Future partnered on an AI service that enhances fraud detection capabilities, doubling the rate of compromised card identifications compared to previous periods.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.