As the number and diversity of cyberattacks continue to increase, FinServs need to use sophisticated tech tools to outsmart their enemies – including the use of “honeypots” to gather data. 

Mastercard announced the acquisition of Sweden-based cybersecurity firm Baffin Bay Networks on Monday to help its clients fend off cyberattacks.  

Baffin Bay’s threat protection platform uses predictive, AI-based technology to automatically filter and counteract malicious internet traffic, while gathering data about bad actors. As distributed denial of service (DDoS) attacks continue to increase, there’s a greater need than ever for a strong line of defense against breaches.  

“On a technical level, Baffin Bay Networks leverages sophisticated AI modelling to distinguish between good and bad traffic,” a spokesperson told Insights Distilled. “It operates a large network of decoy systems that security teams can use to spot attacks early and gather information on attacker tools, tactics, and procedures (these are called ‘honeypots’).” 

The acquisition aligns with Mastercard’s strategy of offering additional services beyond payment transactions.  

“The solution complements our existing vulnerability diagnostics, equipping customers to take a targeted next step in protecting their cyber environment,” according to Mastercard’s president of cyber and intelligence, Ajay Bhalla. Neither firm disclosed the terms of the deal.  

The announcement closely follows Mastercard’s news that it’s experimenting with ways to use quantum computing to improve its loyalty and rewards program.