Mastercard Incorporated – Another Arrow in the Quiver: Mastercard Strengthens Cybersecurity Consulting Practice With New Cyber Front Threat Simulation Platform
To help customers strengthen their cyber resilience, Mastercard has invested in risk quantification, ongoing security monitoring, and fraud prevention in recent years.
PURCHASE, NY – (BUSINESS WIRE) – Global cybercrime is expected to cost $ 10.5 trillion a year in 20251, cybersecurity innovation remains critical in fast-paced industries. Today, Mastercard has announced the launch of the new Cyber Front attack evaluation and simulation platform, enabled by a strategic minority investment in Picus Security. The tool will help businesses and governments improve their cybersecurity operational resilience as part of Mastercard’s growing cybersecurity and risk consulting practice.
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Mastercard’s cyber front: how it works (graphic: Business Wire)
Cyber Front, an ever-active platform, helps customers strengthen digital ecosystems by validating the effectiveness of their cybersecurity controls to prevent and detect threats. Leveraging a continuously updated library of more than 3,500 real-world threat scenarios, Cyber Front reveals security loopholes and provides real-time mitigation information so organizations can improve their cybersecurity investments with ongoing validation. Ultimately, the goal is for organizations to understand whether their current systems are effective and to identify areas of exposure to ensure greater protection in both the immediate and long term.
“We’re helping customers embrace the opportunities and challenges of digital transformation. Given the rising cost of data breaches, effective cybersecurity tops the list. Organizations don’t just need strong defenses. today, they have to be testing, learning and adapting to stay resilient tomorrow, ”said Raj Seshadri, president of data and services for Mastercard. “Our investment in Picus Security and the launch of Cyber Front will enable us to make faster and smarter cybersecurity decisions with better results for our customers, their employees and, ultimately, their users.”
Picus technology has been recognized by experts, including research firm Frost & Sullivan, for innovation in breach and attack simulation. “Mastercard’s investment in Picus highlights the integrity of our technology to provide ongoing protection against the latest cyber threats. We look forward to working together strategically to address current security challenges, ”said H. Alper Memis, CEO and co-founder of Picus Security.
A story of innovative investments in cybersecurity technology
Mastercard has a proven track record of investing in emerging cybersecurity technologies that offer customers an insight into and out of their cyber risk. RiskRecon’s pioneering third-party risk scanning and risk assessment technologies help customers around the world assess business and vendor risks, while Cyber Quant helps more than 1,000 customers gain insight. ” from within “their internal security risks and quantify them in financial terms. terms. At the same time, these solutions help drive our multilayered approach to addressing cyber risk by combining advanced AI with public and proprietary data sources.
The addition of Cyber Front will expand our comprehensive, actionable, data-driven services that help companies drive performance and minimize enterprise-wide risk. These range from authorization and fraud diagnoses to consumer and portfolio knowledge to consulting and marketing services.
Experience in cybersecurity and expertise in action consulting
Combining Mastercard’s unparalleled cybersecurity experience with consulting experience, the practice of cybersecurity and risk helps customers secure their journey of digital transformation and broader business ecosystems in innovative ways. This is part of the strategic expansion of Mastercard’s consulting capabilities, recently demonstrated by its announcement of new practices.
The Mastercard consulting team recently partnered with the Paris Chamber of Commerce on an 18-month educational program to improve the cyber resilience of approximately 5,000 small businesses, helping them identify the financial impacts of cyber risk and offering clear recommendations and guidelines to limit exposure. The Cybersecurity and Risk Practice has also worked with Banco Industrial, Guatemala’s largest financial institution, to help them better understand their exposure to cyber risk in their corporate ecosystem.
An overview of cyber resilience
This work continues Mastercard’s strong focus on strengthening cyber protection and intelligence globally. In December 2021, Mastercard and Europol signed a partnership to share knowledge, identify key activities and increase cyber resilience across Europe, following the launch of the Mastercard Cyber Resilience Center in Waterloo, Belgium. In Vancouver, Canada, Mastercard continues to invest in its Global Intelligence & Cyber Center of Excellence, which focuses on accelerating innovation in digital and cybersecurity, artificial intelligence and the Internet of Things.
Mastercard’s minority investment in Picus has been completed; the terms were not disclosed.
You can find more information about Mastercard consulting practices, internship leaders, and a broader portfolio of services at www.mastercardservices.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and drive an inclusive digital economy that benefits everyone, everywhere, making transactions secure, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses reach their full potential. Our quotient of decency, or DQ, drives our culture and everything we do inside and outside our company. With connections to more than 210 countries and territories, we are building a sustainable world that opens up invaluable possibilities for everyone.
About Picus Security
Picus Security is the pioneer of rape and attack simulation (BAS). Leading organizations around the world rely on enterprise security control validation technology to continuously validate the effectiveness of cyberattack security controls and provide actionable mitigation information to optimize them. For more information visit www.picussecurity.com
Source: Mastercard Investor Relations