Mastercard is investing $2.65 billion to acquire Recorded Future, a leading threat intelligence company. This move, announced on Thursday (Sept. 12), will enhance Mastercard’s ability to secure the digital economy, not just in the payments industry but also beyond.
Recorded Future is known as the world’s largest threat intelligence company and its integration into Mastercard comes at a time when cybercrime has become a $9.2 trillion global problem. According to a company news release, this acquisition will help Mastercard provide better insights and intelligence to its customers, allowing them to take proactive measures to prevent risks.
Craig Vosburg, chief services officer at Mastercard, stated that trust is the foundation of any relationship and Recorded Future will help Mastercard deliver greater peace of mind to its customers before, during, and after payment transactions. By joining forces, the two companies will be able to innovate faster, create smarter models, and anticipate emerging threats in the payments industry and beyond.
Recorded Future’s expertise in analyzing a wide range of data sources will strengthen Mastercard’s identity, fraud prevention, real-time decisioning, and cybersecurity services. This will also reinforce Mastercard’s brand as a trust mark, as the company continues to prioritize security and protection for its customers.
The acquisition is expected to be finalized by the first quarter of 2025, pending regulatory approval and customary closing conditions. In the meantime, PYMNTS, a leading news source for the payments industry, has examined the current cybersecurity landscape and highlighted the importance of a multi-layered security approach for businesses. This is especially crucial for large companies, as they are often targeted by cybercriminals due to their valuable data and complex systems.
In an interview for the PYMNTS “What’s Next in Payments” series, executives emphasized the need for a multi-layered security strategy, also known as defense in depth, to mitigate risks at various levels. This is because when an attacker gains access to a system using stolen credentials, the potential for escalation is high. By recognizing the methods used by attackers and implementing a multi-layered security approach, businesses can prevent a disruption from turning into a disaster.
As Garrett Laird, Director of Product Management at Amount, stated in an interview with PYMNTS, fraudsters are known to strike at unexpected times, making it crucial for businesses to have a strong security strategy in place. By acquiring Recorded Future, Mastercard is taking a proactive step towards strengthening its security measures and protecting its customers from cyber threats.
