Mastercard is launching a tool for banks to help them to pre-empt cyberattacks that could lead to crippling data breaches.
The Early Detection System leverages internal and external data sources to provide the insight intended to keep banks ahead, coupled with Mastercard predictive capabilities.
This tool is intended to give banks the opportunity to prioritise the protection of vulnerable, valuable assets, and weak point that could lead to critical data being exposed. It will send an alert to banks that come under threat, detailing the level of risk.
Following the launch of the new tool, it will be available globally and capable of tracking fraud in all of the transaction channels.
Ajay Bhalla, president of enterprise risk and security at Mastercard, said: “Knowledge is power, and this service helps banks act significantly faster and with greater precision to stop potential fraud before it occurs… Our card issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”
In using this tool, banks would be encouraged toward taking a risk based approach to cybersecurity, a direction deemed essential by a number of influential figures in the field, including Dr Ian Levy, the Director of the NCSC.
Data breaches can now deliver a crippling blow to both the finances and reputation of major organisations, including banks, making it essential that risks are identified early. The identification of risk can then allow for prioritised protection, followed by the potential mitigation of disastrous consequences.
Vast volumes of data and innumerable threats make it a colossal task for security teams within organisations to stay abreast of critical threats, but a tool such as the one being launched by Mastercard will provide a constant layer of reassurance that security teams are focussed on the most pressing issues.