Mastercard helps banks assess cyber risks via new suite

Since they have existed, banks have been an attractive target for malicious actors. In the past mainly because they held a lot of money. In these digital times, one might think of theft of log-in data or theft of company data, for example. An emerging phenomenon is "hostage-taking" of computer systems, in which case a ransom must be paid to buy them free again.

Because of their appeal, banks are keen to keep their online environment as secure as possible. Trust is precisely what keeps many people still in the lap of banks and what banks have ahead of big tech and fintech. Banks are therefore investing many millions in cyber security. Through Cyber Secure, they can turn to a brand new solution from payment and technology company Mastercard, which should further increase the level of security.

Using artificial intelligence, all kinds of internal and external data sources are scanned and matched against forty criteria for a secure infrastructure. Like a physical infrastructure, a virtual infrastructure has strengths and weaknesses. Just when one thinks one threat has been averted, signals of increased risk appear elsewhere in the network. It is still true that keeping a burglar out is a lot more valuable than keeping him out.

Cyber Secure gives banks insight into which security components pose extra risk and thus deserve extra priority. Each vulnerability is assigned a certain risk classification. This allows IT leaders to take targeted action and steer their departments - supported by data - in a certain direction.

"Today's age faces cyber threats worth $5.2 trillion," said Mastercard chief Ajay Bhalla. "It is one of the biggest threats to consumer confidence. At Mastercard, we always want to stay one step ahead of fraudsters and we help protect their online environments for both our banking and retail customers."