Mastercard has entered a deal to acquire Recorded Future from Insight Partners for $2.65bn, marking a enhancement to its cybersecurity capabilities.
This acquisition is set to enrich the insights and intelligence that safeguard the digital economy, extending beyond the payments ecosystem to a broader digital landscape. Recorded Future boasts an impressive client list of over 1,900 across 75 countries, including 45 government clients and more than half of the Fortune 100 companies.
The acquisition is driven by the escalating need for comprehensive global cyber defense strategies, especially as new technologies heighten the risk of cyber threats. With cybercrime projected to inflict costs of approximately $9.2 trillion globally in 2024 alone, the integration of Recorded Future’s extensive threat intelligence resources will bolster Mastercard’s existing frameworks in identity protection, fraud prevention, real-time decision-making, and cybersecurity.
Mastercard is renowned for its robust suite of services that ensure secure transaction environments for merchants and financial institutions worldwide. Recorded Future distinguishes itself by offering real-time threat assessments, utilizing AI and a diverse array of technologies to equip its clients with actionable insights to preemptively address potential security threats.
The synergy between Mastercard’s and Recorded Future’s AI-driven analytics will foster the development of more advanced security models and practices. This collaboration is anticipated to produce enhanced threat intelligence capabilities that will benefit customers across various verticals, promising not only heightened security but also innovative product developments.
Craig Vosburg, Chief Services Officer at Mastercard, emphasized the value of trust and security, stating, “Trust is the foundation of any relationship. Recorded Future adds to how we deliver that greater peace of mind before, during, and after the payment transaction. Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond.”
Echoing this sentiment, Christopher Ahlberg, CEO of Recorded Future, remarked, “Fifteen years ago, we created Recorded Future with a simple goal to secure the world with intelligence. By joining Mastercard, we see an opportunity to help more businesses and governments determine the steps to realize their full potential – and to enable everyone to feel safer in their daily lives.”
Currently, the two companies are collaborating on an AI-supported service that enhances the speed and accuracy of fraud detection in financial transactions. This initiative has already shown promising results, doubling the identification rate of compromised cards since its inception earlier this year.
The acquisition is expected to be finalized by the first quarter of 2025, pending regulatory approval and other customary closing conditions.
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
