Mastercard Announces Acquisition of RiskRecon – A Network Security Firm

Mastercard – a USA based global payment solutions provider recently revealed in an announcement earlier this month that it is set to acquire a US based SaaS computer data analytics and network security firm in order to boost its Cyber security capabilities. As per statement released by the firm, it has entered into an agreement of acquisition with Risk Recon – a leading provider of artificial intelligence and data analytics solutions in order to boost and enhance its infrastructure and improve support for its cyber systems. The payment service provider claims that in today’s rapidly evolving digital world, cybercrime is a major and highly relevant threat to its business. The firm states that attacks in form of large scale data breaches and ransom ware attacks continue to pose a major risk to billions of records which could greatly jeopardize consumer trust.

In order to counter these threats, Mastercard has decided to make use of Riskrecon’s pioneering scanning and evalution technologies which is well known in the market for helping huge business organizations in proactively managing several key cyber risks by better safeguarding their critical intellectual property and consumer and payments data. Post this deal, the data analytics and network security provider will now increase its client base to not just support Mastercard solutions but also gain access to a broader set of industries ranging from healthcare and manufacturing which are partnered with the payment solutions provider. While the acquisition deal has been confirmed by both parties, neither has disclosed terms of acquisition agreement and fund transaction. However, the statement mentioned that the fund transfer is set to take place in first quarter of 2020 and the deal is subject to customary closing conditions which normally indicate regulatory body and watchdog approvals.

Commenting on this deal, Kelly White – Chief Executive Officer & Co-Founder of Risk Recon said, “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 cyber security risk”. Speaking on same note Ajay Bhalla, President of cyber and intelligence for Mastercard added, “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”.