Mastercard has acquired cloud-based cyber security firm Baffin Bay Networks in a bid to improve protection against cyber risks.

The Sweden-based company will provide Mastercard with an “AI Cyber Shield” to provide a multi-layered approach to help businesses deal with cyber-attacks.

Mastercard said that while the digital world has increased opportunities for businesses, it has increased the amount of malware, ransomware and distributed denial of service (DDOS) attacks, which rose 22 per cent in 2022.

Baffin Bay’s cloud-based technology uses AI to filter and counteract malicious internet traffic to prevent cyber breaches.

Mastercard currently offers a data analytics service which allows organisations to identify weaknesses in their cyber security.

Mastercard said it will integrate all its solutions into a single cyber service available to customers worldwide.

Baffin Bay’s automated Threat Protection service, which aims to stop attackers taking down cyber systems, will be added to Master Card’s offering.

Commenting on the news Ajay Bhalla, president of cyber and intelligence at Mastercard, said: “We see trust as central to securing the future of our digital world.”

He added: “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.”

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