Purchase, NY -- February 1, 2022 -- Mastercard Incorporated (NYSE: MA) has announced the launch of its Global Cybersecurity Alliance Program to help organizations secure their digital ecosystems from increasing third- and Nth-party cyber risk – projected to account for 60% of cybersecurity incidents in 2022.
Organizations are under continuous pressure to efficiently monitor and secure their ever-growing and evolving online footprint, including external business and supply chain relationships. Recent data from RiskRecon and the Cyentia Institute highlights that multi-party cyber breaches can cause 26 times more financial damage, compared to an attack that affects only one target.
Understanding third-party risk can be a time-consuming endeavor, as it relies on analyzing a variety of factors that contribute to a company’s overall rating. For many businesses, understanding their own rating is becoming increasingly important as more customers are looking at vendors’ risk profile as a condition of doing business.
Mastercard’s Global Cybersecurity Alliance Program provides user-friendly APIs to extend cyber risk monitoring and scoring to partners’ customers. These insights can then be used to build a scalable, third-party risk reduction program. The goal of the program is simple: help businesses improve the security of their third parties, thereby helping enhance the security of the digital ecosystem.
“As the digital landscape evolves, it is becoming more interconnected. Businesses of all shapes and sizes are now working with more companies than ever before to access the services and support they need – and protecting these complex ecosystems can be extremely challenging,” said Johan Gerber, Executive Vice President of Security and Cyber Innovation, Mastercard. “Mastercard is investing in new technologies and programs to help our customers manage cyber risk across their extended ecosystems. The Global Cybersecurity Alliances Program is designed to help more organizations arm their customers with the cyber risk intelligence they need to confidently make better and faster risk decisions.”
Since its inception, the Global Cybersecurity Alliance Program has quickly gained market momentum and expanded its alliance partners to include Aravo, Archer, Argos Risk, ComplyScore, CyberGRX, Deloitte, EY, HSB / Munich Re, Interos, Kroll, LogicGate, OneTrust, Privva, ProcessUnity, StandardFusion, TealBook, Tech Mahindra, Venminder, Whistic, Wipro and other organizations across the most highly regulated industries.
Alliance partners rely on Mastercard to provide their customers with trusted, accurate and actionable cybersecurity solutions, enabling them to improve their cybersecurity risk posture with confidence. The new Global Cybersecurity Alliance Program builds on Mastercard’s extensive partner ecosystem and strengthens its commitment to establishing cyber resilience in the digital economy.
Supporting Quotes from Alliance Partners:
“Our Third-Party Risk as a Service offering leverages leading risk data sources. Mastercard’s cybersecurity ratings bolster our services, allowing our customers to identify, prioritize, and act on cyber risk quickly, efficiently and based on their unique risk appetite,” said Matthew Moog, Principal, EY.
“Mastercard’s Global Cybersecurity Alliance Program is an ambitious effort to help businesses manage their cyber risks,” said Stephanie Watkins, Senior Vice President, Global Product Owners, HSB, part of Munich Re. “With the recent launch of our global partnership with Mastercard to provide cyber insurance using Mastercard’s risk rating data, we’re excited to work with alliance partners to help small businesses everywhere stay ahead of emerging cyber threats.”
“Our collaboration in the alliance and deep integration with Mastercard’s RiskRecon enables organizations worldwide to understand and manage the complete picture of their risk exposure as it extends to their third and fourth party supply chains,” said Bill Diaz, CEO of Archer.
“We are proud to continue to bring enhanced and critical data together for a holistic view of a supplier profile, while helping our customers manage vendor risk," said Stephany Lapierre, CEO, TealBook. "As we continue to see an increase in cybercrimes resulting in vendor or third-party data breaches, our partnership with Mastercard's RiskRecon will provide a much-needed solution to help our customers avoid costly exposure in their supplier base."
"CyberGRX is thrilled to be a part of Mastercard's new Global Cybersecurity Alliance Program," said Frank Price, CPO, CyberGRX. "Collaboration is key when it comes to reducing cyber risk, and Mastercard's alliance program will allow us to work together with other industry leaders to help businesses build and implement effective risk reducing strategies."
About Mastercard Incorporated (NYSE: MA), www.mastercard.com
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.