Mastercard is purchasing artificial intelligence (AI) and analytics startup RiskRecon to accelerate the development of cybersecurity solutions, Mastercard announced on Tuesday (Dec. 23).
Cyberattacks have become a critical issue for companies of all sizes and a threat to privacy and data security. Data breaches and ransomware attacks jeopardize customers’ records and trust.
Ajay Bhalla, president of cyber and intelligence for Mastercard, said RiskRecon’s innovative approach and expert team “will further accelerate our suite of cyber solutions designed to help financial institutions, merchants and governments secure their digital assets.”
He added that by using advanced AI and “data-driven advanced technology,” RiskRecon will supplement the processes already in place and enhance overall cybersecurity.
RiskRecon has advanced “scanning and evaluation technologies” that help organizations improve the handling of cyber risks and enhance the security of intellectual property and consumer data, according to the announcement. Aside from working with Mastercard on solutions, RiskRecon will also continue providing cybersecurity to other industries, including healthcare and manufacturing.
“Mastercard has been one of those brands that has stood out as a true innovator, focusing on the real problems of real businesses,” said Kelly White, RiskRecon CEO and co-founder. “By becoming part of their team, we have an opportunity to scale our solution and help companies in new industries and geographies take steps to better manage their cybersecurity risk.”
The transaction is expected to close in the first quarter of 2020. The terms of the agreement were not disclosed.
In April, Mastercard launched a new program called the Cybersecurity Talent Initiative in order to help grow cybersecurity talent. The program, which is backed by Microsoft, Workday and 10 federal agencies, seeks to place recent college grads with relevant educational backgrounds into federal cybersecurity jobs, after which those professionals can stay in or join the private sector, and possibly see their student loan debt wiped out.
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