Mastercard has unveiled its artificial intelligence (AI)-fueled Cyber Secure tool suite, which lets banks evaluate cyber risk throughout their ecosystems and stop possible breaches from occurring, according to a Friday (Oct. 30) announcement emailed to PYMNTS.
Banks can discover and rank threats and vulnerabilities across their cyber environments with the help of the tool. Furthermore, acquiring banks can help retailers make sense of their own cyber risk, according to the announcement.
“At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers,” said Ajay Bhalla, president of Cyber & Intelligence at Mastercard. “With Cyber Secure, we have a suite of AI-powered cyber capabilities that allows us to do just that, ensuring trust across every experience, for businesses and consumers.”
The risk evaluation is conducted with advanced AI that brings together various public, as well as proprietary information sources, and draws upon the capabilities of RiskRecon, which Mastercard acquired this year. The AI compares the data to 40 security and infrastructure points, with the affect and significance of every vulnerability evaluated to create a cyber risk rating and issue priority navigator, the announcement stated.
Cyber Secure is a significant advancement in continually quantifying and ranking cyber vulnerabilities, according to the announcement, which noted that the tool suite moves the industry to a proactive state in controlling and preventing data compromise by giving banks the power to continually be aware of their cyber posture.
The offering also helps decrease financial losses connected with attacks, conserves resources and time, and offers a full view of cyber risk via a single application, according to the announcement.
Mastercard said the world faces a $5.2 trillion cyber breach problem, and the company saved its stakeholders from $20 billion in fraud via its AI-powered cyber systems last year.
Cyber Secure comprises an important part of Mastercard’s multi-tiered cybersecurity approach to secure the ecosystem, safeguard cyber environments, set industry standards and work across sectors, according to the announcement.