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

In a move to help businesses combat the growing number of cyberattacks, Mastercard has acquired cloud-based cybersecurity company Baffin Bay Networks.

Based in Sweden, Baffin Bay Networks complements Mastercard’s multi-layered approach to cybersecurity by increasing protection against attacks while mitigating risk across the ecosystem.

Mastercard will integrate its cybersecurity solutions into a single cyber service available to all its customers worldwide. The company’s RiskRecon data analytics will enable businesses to identify vulnerabilities to cyber attacks in advance. Baffin Bay’s Threat Protection Service will further enhance protection and prevent attackers from penetrating or crippling cyber systems.

The announcement comes at a time when malware, ransomware and distributed denial of service (DDOS) attacks are on the rise. According to a report published by the Financial Services Information Sharing and Analysis Center, DDOS attacks are expected to increase by 22% in 2022 alone.

“We see trust as a key factor in securing the future of our digital world. Adding Baffin Bay Network’s instant, predictive and cloud-based AI technology to our existing analytics capabilities will create a leading and unique cyber solution,” said Ajay Bhalla, President of Cyber and Intelligence at Mastercard.

“This will enable us to provide faster, smarter and more effective cyber risk protection to our customers around the world,” Bhalla added.

Great start to the week for Mastercard
For Mastercard, the acquisition is the latest in a series of successful expansions that strengthen the company’s broader service offering and value beyond payments.

On Monday, Mastercard partnered with PXP Financial and Payall to enhance its international money transfer service, enabling customers to securely send money to their partners, employees and suppliers anywhere in the world.

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

“Our cloud-based threat protection service provides a simple and effective way to protect against application- and network-level attacks,” said Sundberg.

“Both of our companies share the same vision – to provide our customers with peace of mind and confidence. We are excited to join the Mastercard family and expand our impact around the world.”