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Mastercard Inc (NYSE:MA) Unveils SafetyNet To Reduce Risk Of Cyber Hacking Of Banks And Processors

Boston, MA 10/03/2014 (wallstreetpr) – Mastercard Inc (NYSE:MA) disclosed that it has unveiled SafetyNet to protect banks and the processors from cyber hacking. The global tool was designed to cut down the risks posed by cyber criminals.

The company’s move comes on the heels of JPMorgan Chase & Co. (NYSE:JPM) reporting the biggest data breach due to hacking of its servers by cyber criminals. The Home Depot, Inc. (NYSE:HD) was also reported for data theft. Both the companies were forced to engage investigating officials to enquire into the attacks.

SafetyNet

Mastercard Inc (NYSE:MA) said that the SafetyNet tool would identify possible attacks or threats before they start. In some cases, it would act even before the bank or processor was aware of it, its statement revealed. The company said that the solution would provide a multi-layer defence. It was also working to make sure that its partners were provided with a protection that was one step ahead of big scale attacks like sophisticated ways to steal data.

The company stated that SafeNet tool was an additional facility to the issuing Bank’s tools. The tools were easy to be deployed, and adds a higher level of protection to the payment system. It pointed that through the algorithms usage, it would monitor different geographies and channels providing the appropriate kind of support for every partner and market.

Management Speaks

Mastercard Inc (NYSE:MA)’s President of Enterprise Security Solutions, Ajay Bhalla, said that the company was fast-tracking towards the next generation of security solutions. He said that SafetyNet operated as an intelligent technology and designed to prevent attacks or frauds before some of its partners even aware of it. The tool can identify threats on real-time basis thus limiting the scope for cyber attacks. As a result, even a transaction can be declined before any such attack was exposed.

The Mastercard Inc (NYSE:MA) said that the unveiling of SafetyNet indicated that it was conscious of its efforts to protect the payment transactions and data at both issuer and retailer levels.

Published by Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. You may contact Brendan via his email ([email protected]) or his Google+ page (https://plus.google.com/u/0/116608759701551457422).



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