Mastercard has acquired cloud-based cybersecurity company Baffin Bay Networks to help businesses deal with a growing number of cyber-attacks

Swedish-based Baffin Bay Networks adds to Mastercard-s multi-layered approach to cyber security, bolstering protection against attacks while mitigating exposure to risk across the ecosystem.

Mastercard will integrate its cybersecurity solutions into one single cyber-service available to all its customers worldwide. The company’s RiskRecon data analytics enables organisations to detect cyber-attack vulnerabilities in advance. Baffin Bay’s Threat Protection service will further increase protection, working to stop attackers from penetrating or taking down cyber systems.

The announcement comes amid growing malware, ransomware and distributed denial of service (DDOS) attacks. A report published by Financial Services Information Sharing and Analysis Center shows that DDOS attacks rose by 22% in 2022 alone.

“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”, said Ajay Bhalla, president of Cyber and Intelligence at Mastercard.

“This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk”, Bhalla continued.

A great start of the week for Mastercard

For Mastercard, the purchase comes amid a string of successful expansions, strengthening the company’s broader services offerings and value beyond the payment transaction.

On Monday, Mastercard partnered with PXP Financial and Payall to facilitate improved international remittance services and allow customers to transfer money safely to their partners, staff and suppliers worldwide.

Joakim Sundberg, chief technology officer and founder of Baffin Bay Networks, also welcomed the acquisition.

“Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks,” Sundberg said.

“Our two companies share this vision; to provide our customers with security and trust. We are thrilled to join the Mastercard family to expand our impact across the globe.”