While the fintech revolution has transformed the way the world does business, the migration of international trade to the digital world has also led to a rise in cybercrime.
Swedish startup Baffin Bay Network has attracted considerable attention with its AI-driven Threat Protection technology, a robust and multi-layered cybersecurity platform that has already seen a great deal of success in helping its clients stay safe.
As of late March 2023, Baffin Bay Network will be bringing that technological muscle to its new parent company, Mastercard. Although no details have been disclosed about the deal yet, the payments and credit titan confirmed that its purchase of Baffin Bay Network is in line with its ongoing pursuit to provide unmatched cybersecurity offerings for its millions of clients across the globe. In the near future, Mastercard representatives explained, the Swedish company’s security technology will be folded into Mastercard’s RiskRecon data analytics and risk reduction platform to prevent security breaches before they occur.
“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 Mastercard’s President of Cyber and Intelligence, Ajay Bhalla. “This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk.”