Another Arrow in the Quiver: Mastercard Strengthens Cybersecurity Consulting Practice With New Cyber Front Threat Simulation Platform
May 24 2022 - 7:01AM
Business Wire
To help customers strengthen their cyber resilience,
Mastercard has invested in risk quantification, always-on security
monitoring and fraud prevention in recent years
With global cybercrime expected to cost $10.5 trillion USD
annually by 20251, innovating cybersecurity remains critical across
industries facing rapid digitization. Today, Mastercard announced
the launch of new attack simulation and assessment platform Cyber
Front, enabled by a strategic minority investment in Picus
Security. The tool will help businesses and governments enhance
their cybersecurity operational resilience as part of Mastercard’s
growing Cybersecurity & Risk consulting practice.
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the full release here:
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Mastercard's Cyber Front: How it Works
(Graphic: Business Wire)
Cyber Front, an always-on platform, helps customers strengthen
digital ecosystems by validating the effectiveness of their
cybersecurity controls to prevent and detect threats. By leveraging
a continuously updated library of more than 3,500 real-world threat
scenarios, Cyber Front reveals security gaps and provides
mitigation insights in real-time so organizations can improve upon
cybersecurity investments with continuous validation. Ultimately,
the goal is for organizations to understand if their current
systems are effective and identify areas of exposure to ensure
greater protection in both the immediate and long term.
“We’re helping customers embrace the opportunities—and
challenges—of digital transformation. Given the rising cost of data
breaches, effective cyber security is tops on that list.
Organizations not only need robust defenses today, they need to be
testing, learning and adapting to remain resilient tomorrow,” said
Raj Seshadri, president of Data & Services at Mastercard. “Our
investment in Picus Security and the launch of Cyber Front will
enable swifter, smarter cybersecurity decisions with better
outcomes for our customers, their employees and, ultimately, their
users.”
Picus’ technology has been recognized by experts, including
research firm Frost & Sullivan, for innovation in Breach and
Attack Simulation. “Mastercard’s investment in Picus underscores
the completeness of our technology to provide ongoing protection
against the latest cyber threats. We look forward to working
together strategically to address today’s security challenges,”
said H. Alper Memis, CEO and Co-founder of Picus Security.
A History of Innovative Investments in Cybersecurity
Technology
Mastercard has a demonstrated history of investing in emerging
cybersecurity technologies that provide clients an inside-out and
outside-in view of their cyber risk. RiskRecon’s pioneering,
“outside-in” third-party risk scanning and evaluation technologies
help customers worldwide assess enterprise and vendor risks, while
Cyber Quant helps over 1,000 clients gain an “inside-out” view of
their internal security risks and quantify them in financial terms.
In tandem, these solutions help power our multi-layered approach to
addressing cyber risk by combining advanced AI with public and
proprietary data sources.
The addition of Cyber Front will expand our comprehensive and
actionable data-driven services that help companies drive
performance and minimize risks enterprise-wide. These range from
authorization and fraud diagnostics to consumer and portfolio
insights to consulting and marketing services.
Cybersecurity Experience and Consulting Expertise in
Action
Pairing Mastercard’s unparalleled cybersecurity experience with
consulting expertise, the Cybersecurity & Risk Practice helps
customers secure their digital transformation journey and broader
business ecosystems in innovative ways. This is part of
Mastercard’s strategic expansion of consulting capabilities,
demonstrated most recently by its announcement of new
practices.
Recently, Mastercard’s consulting team partnered on an 18-month
educational program with the Paris Chamber of Commerce to enhance
cyber resiliency for approximately 5,000 small businesses, helping
them to identify the financial impacts of cyber risk and providing
clear recommendations and guidance on limiting exposure. The
Cybersecurity & Risk Practice has also worked with Banco
Industrial, Guatemala’s largest financial institution, to help them
better understand their cyber risk exposure across their ecosystem
of companies.
A Global View of Cyber Resilience
This work continues Mastercard’s strong focus on strengthening
cyber protections and intelligence globally. In December 2021,
Mastercard and Europol signed a partnership to share insights,
identify key activities and increase cyber resilience across
Europe, building on the launch of the Mastercard Cyber Resilience
Centre in Waterloo, Belgium. In Vancouver, Canada, Mastercard
continues to invest in its Global Intelligence & Cyber Centre
of Excellence, which focuses on accelerating innovation in digital
and cybersecurity, artificial intelligence, and the Internet of
Things.
Mastercard’s minority investment in Picus has been completed;
terms were not disclosed.
More information on Mastercard consulting practices, practice
leaders and broader services portfolio can be found at
www.mastercardservices.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
About Picus Security
Picus Security is the pioneer of Breach and Attack Simulation
(BAS). The company’s security control validation technology is
trusted by leading organizations worldwide to continuously validate
the effectiveness of security controls against cyber-attacks and
supply actionable mitigation insights to optimize them. For more
information visit www.picussecurity.com
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Julia Monti Julia.monti@mastercard.com 914-249-6135
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