Mastercard has launched Cyber Secure, an artificial intelligence-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches.

This is aimed at helping banks identify and prioritise threats and vulnerabilities throughout their cyber environment. Additionally, acquiring banks can help merchants understand their own cyber risk, preventing hundreds of millions of dollars in potential fraud.

As the digital economy expands, so too do its points of vulnerability that may be subject to attack. Mastercard gave the example of this is the rapidly advancing Internet of Things - with 2.5 quintillion bytes of data generated by people and their devices every day, 90 per cent of which was generated in the last two years alone. It is estimated that one business will fall victim to a ransomware attack every 11 seconds by next year, according to Cybersecurity Ventures.

“The world today faces a $5.2 trillion cyber breach problem," said Ajay Bhalla, president, of cyber and intelligence at Mastercard. "This is one of the biggest threats to consumer trust."

He continued: "With Cyber Secure, we have a suite of AI-powered cyber capabilities that allows us to do just that, ensuring trust across every experience, for businesses and consumers."

By empowering banks with the ability to continuously monitor and track their cyber posture, Mastercard stated that it is trying to move the industry to a more proactive state in managing and preventing data compromise, protecting the integrity of the payment ecosystem and consumer data.

In addition, it should help reduce financial losses associated with attacks, saving time and resources, while providing a comprehensive view of cyber risk through one application.

Drawing on the capabilities of RiskRecon, acquired by Mastercard earlier this year, the risk assessment is performed using AI that combines multiple public and proprietary data sources. The algorithm evaluates the data against 40 security and infrastructure criteria, with the impact and importance of each vulnerability analysed to produce a cyber risk rating and issue priority navigator.

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