Nobody likes a third wheel, especially when it comes to securing financial data.
U.S. financial institutions are increasingly dependent on external service providers for virtually every element of their operations, from HVAC maintenance to payment processing. But as efficient and cost-effective as this practice can be, it opens banks, credit unions, investment firms and the like up to more potential incursions than they would otherwise encounter directly. Mastercard is hoping to help mitigate that risk.
The Purchase, New York-based card brand announced the launch of its own global “cybersecurity alliance” to help financial firms and their vendors reduce the ever-growing threats they face in this broad web of interconnected dependencies.