Recorded Future Enhances Mastercard's Cyber Defense Capabilities
Recorded Future Acquisition by Mastercard
Mastercard Inc. announced early Thursday its acquisition of the cybersecurity firm Recorded Future for a staggering $2.65 billion. This strategic move solidifies Mastercard’s commitment to enhancing its fraud detection and cyber defense mechanisms.
Elevating Cyber Defense Technologies
The acquisition allows Mastercard to bolster its identity protection, fraud prevention, and real-time decision-making capabilities. By utilizing artificial intelligence for deeper insights into cyber threats, Mastercard is set to provide merchants and financial institutions with increased security.
The Growing Threat of Cybercrime
According to Statista, cybercrime is expected to inflict a staggering $9.2 trillion cost on businesses worldwide by 2024. Recorded Future, founded in 2009, currently boasts over 1,900 clients across 75 countries, including governments and numerous Fortune 100 companies.
Partnership Outcomes
Earlier this year, Mastercard and Recorded Future initiated an AI-enhanced service that significantly improves the detection rate of compromised cards. This initiative marks a leap in fast-tracking the identification of security threats, as emphasized by Mastercard's chief services officer, Craig Vosburg.
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.