Mastercard has acquired Swedish cybersecurity firm Baffin Bay as part of its initiative to create a comprehensive protective shield for customers worldwide.
Baffin Bay Networks offers a cloud-based service that utilizes AI technology to automatically filter and mitigate malicious internet traffic at both the network and application levels. This acquisition enhances Mastercard’s service offerings beyond payment transactions, as the company aims to integrate its solutions into an all-encompassing cybersecurity service. Specifically, Baffin Bay’s threat protection system will be incorporated into Mastercard’s RiskRecon data analytics product, which helps organizations identify vulnerabilities proactively.
Ajay Bhalla, president of Cyber and Intelligence at Mastercard, stated, “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.”
The terms of the transaction were not disclosed.