The best way for businesses to combat fraud, bot attacks, synthetic ID attacks …
It’s all handling like a game.
A war game.
Raj Seshadri, president of data and services at MasterCard, told Karen Webster that the fight against real-world threats is enduring.
She told Webster that the innovative pace seen in the last few years has led to the emergence of remote work environment or hybrid models.
“There are a lot of opportunities here,” companies are embracing better digital shifts, she said, “and there are also a lot of challenges.” These challenges help enterprise clients increase and reduce risks in their own vendor-supplier relationships, from securing MasterCard’s own payment operations.
Global cybercrime is an incredibly lucrative business – and a really big business, worth $ 10.5 trillion in just three years.
Given that digital commerce, business-to-consumer (B2C) or business-to-business (B2B) is growing by leaps and bounds, this amazing amount may not be surprising. But the myriad, indeed billions, of contact points on mobile devices and tablets mean that bad guys can make any weapon to infiltrate the network.
“The Internet of Things is an aspect of emerging insecurity,” said Seshadri, “but we want to keep all ecosystems safe.”
Another part of the anti-fraud jigsaw puzzle
To do so, she said, requires a multi-layered approach to risk assessment, security infrastructure monitoring and operations with real-time insights.
The company already has Cyber Quantum and Riskrecon as its leading arrows in the fight against fraud.
RiskRecon focuses on “outside” third-party risk scanning and evaluation technology to help customers around the world evaluate the enterprise and the seller. Cyber Quant helps more than 1,000 clients gain an “inside-out” perspective on their internal security risks and financially quantifies them.
It has now been announced that MasterCard’s consulting practice has made a minority investment in Picus Security, which is set to launch a cyber front. MasterCard said on Tuesday (May 24) that Cyber Front will act as an always-on-the-platform platform that will help clients, through simulated attacks, detect vulnerabilities and, with AI, make smart decisions about security and where their risks are – and what works. . In the case of protection lines. About 3,500 real-world risk situations, constantly refined and updated, can help uncover new threats and launch new protective measures.
In a jigsaw puzzle fashion on authorization and fraud diagnosis, she said, “Picus is admirable for other risk offers,” and “see if preventive controls actually work.” Cyber front will help companies evaluate how to address threats that are restricted or not detected during simulations that mimic the behavior of hackers.
Thus, she said, companies can monitor the distances needed to plug them in while continuing the simulation and avoiding the financial consequences of risk.
Along the way, the ecosystem will strengthen its defenses through public / private partnerships. She cited, for example, that MasterCard partnered with the Paris Chamber of Commerce on an 18-month educational program involving 5,000 small companies. From the “point of view” of breach, she said, risk assessment and detection of fraud is now a matter of board- and CEO-level concern.
“Understanding these things is the first step to getting better,” Seshadri said. “Good protection cannot be based on predictions and assumptions – comprehensive, collaborative and sophisticated, data-driven – and always needs to evolve.”