Mastercard has deepened its commitment to cyber systems and infrastructure protections with the acquisition of RiskRecon.
The deal sees the US based firm strengthen its capabilities within artificial intelligence and data analytics solutions, as it seeks to boost its offering and remain ahead of the curve in a rapidly evolving digital space.
Ajay Bhalla, president of cyber and intelligence for Mastercard commented: “The innovations from the talented team at RiskRecon will further accelerate our suite of cyber solutions designed to help financial institutions, merchants and governments secure their digital assets.
“Through a powerful combination of AI and data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and technology to secure the cyber space.”
Mastercard will look to capitalize on RiskRecon’s scanning and evaluation technologies, organizations can proactively manage cyber risks, better safeguarding critical intellectual property and consumer and payment data.
In addition to supporting Mastercard solutions, RiskRecon will continue to provide cyber security solutions across a broader set of industries, including healthcare and manufacturing.
Kelly White, chief executive officer and co-founder, RiskRecon added: “Mastercard has been one of those brands that has stood out as a true innovator, focusing on the real problems of real businesses.
“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 terms of the agreement, which is set to be completed in the early stages of 2020, were not disclosed.
It follows the busiest period of the year for Mastercard, with its SpendingPulse revealed holiday retail sales increased 3.4 percent with online sales growing 18.8 percent compared to 2018.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated emphasised: “E-commerce sales hit a record high this year with more people doing their holiday shopping online.
“Due to a later than usual Thanksgiving holiday, we saw retailers offering omnichannel sales earlier in the season, meeting consumers’ demand for the best deals across all channels and devices.”