Payments giant Mastercard has announced plans to acquire global threat intelligence company Recorded Future for US$2.65 billion.
Mastercard aims to strengthen its cybersecurity capabilities with this acquisition as cybercrime costs are projected to reach US$9.2 trillion by 2024.
Recorded Future specializes in real-time threat detection, using AI and data analysis to provide actionable insights to clients, including governments and Fortune 100 companies.
This acquisition complements Mastercard’s services in identity verification, fraud prevention, and cybersecurity, offering enhanced protection for merchants and financial institutions.
The two companies have already collaborated on an AI-supported service that has improved the detection rate of compromised payment cards, and this partnership will help foster the development of advanced cybersecurity practices.
The acquisition is expected to enhance Mastercard’s existing products and services, providing stronger intelligence and security capabilities for customers.
Recorded Future’s AI-powered platform simplifies threat intelligence, improving risk management for clients.
The transaction is subject to regulatory approval and is expected to close by early 2025.
“Trust is the foundation of any relationship. Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction.
Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond,”
said Craig Vosburg, Chief Services Officer at Mastercard.
“Fifteen years ago, we created Recorded Future with a simple goal to secure the world with intelligence.
By joining Mastercard, we see an opportunity to help more businesses and governments determine the steps to realize their full potential – and to enable everyone to feel safer in their daily lives,”
said Christopher Ahlberg, CEO of Recorded Future.
Featured image credit: Edited from Freepik
