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.
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.
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.