Mastercard snaps up Swedish AI cybersecurity start-up Baffin Bay Networks
Payments giant Mastercard has acquired Swedish cybersecurity start-up Baffin Bay Networks as it looks to strengthen its “multi-layered” cybersecurity efforts and help stop attacks. Financial details of the deal have not been disclosed.
Mastercard intends to fold Baffin Bay’s automated Threat Protection technology into a “single cyber service” featuring Mastercard’s own RiskRecon data analytics solution, which allows organisations to identify and action on vulnerabilities in advance.
The company hopes the deal will boost its ability to protect its customers globally from malware, ransomware and distributed denial of service (DDOS) attacks, which increased by 22% in 2022, Mastercard says.
The firm claims Baffin Bay has “a proven track record” of mitigating or preventing costly and potentially catastrophic breach cyber events.
Mastercard’s president of cyber and intelligence, Ajay Bhalla, says Baffin Bay’s “instantaneous, predictive and cloud-based AI tech” will afford its customers “faster, smarter and more effective” cybersecurity protection.
Baffin Bay founder and chief technology officer Joakim Sundberg adds that by joining Mastercard, the firm can expand its ability to safeguard against application and network-level attacks “across the globe”.
In 2021, Mastercard acquired blockchain analytics start-up CipherTrace, business payments solutions provider Arcus Fi and tech firm Aiia.