Industries in possession of sensitive personal data account for more than 60% of multi-party cyber incidents; research warns impact growth rate will only continue to increase
Purchase, NY – December 23, 2019 – Mastercard (NYSE: MA) today announced an agreement to acquire RiskRecon, a leading provider of artificial intelligence and data analytics solutions to support companies in protecting their cyber systems and infrastructure.
In a rapidly evolving digital world, cybercrime is a pertinent threat to business. Large-scale data breaches and ransomware attacks place billions of records at risk each year, jeopardizing consumer trust.
“The innovations from the talented team at RiskRecon will further accelerate our suite of cyber solutions designed to help financial institutions, merchants and governments secure their digital assets,” explained Ajay Bhalla, president of cyber and intelligence for Mastercard. “Through a powerful combination of AI and data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and technology to secure the cyber space.”
With RiskRecon’s pioneering scanning and evaluation technologies, organizations can proactively manage cyber risks, better safeguarding critical intellectual property and consumer and payment data. In addition to supporting Mastercard solutions, RiskRecon will continue to provide cyber security solutions across a broader set of industries, including healthcare and manufacturing.
“Mastercard has been one of those brands that has stood out as a true innovator, focusing on the real problems of real businesses,” said Kelly White, chief executive officer and co-founder, RiskRecon. “By becoming part of their team, we have an opportunity to scale our solution and help companies in new industries and geographies take steps to better manage their cybersecurity risk.”
Terms of the agreement were not disclosed. The transaction, which is anticipated to close in the first quarter of 2020, is subject to customary closing conditions.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
RiskRecon is the only continuous vendor monitoring solution that delivers risk-prioritized action plans custom-tuned to match your risk priorities, providing the world’s easiest path to understanding and acting on third-party cyber risk. Partnering with RiskRecon enables you to scale your third-party risk management program to efficiently realize dramatically better risk outcomes. To learn more about RiskRecon’s approach, request a demo or visit the website at www.riskrecon.com.
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe,” “expect,” “could,” “may,” “would,” “will,” “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to Mastercard’s future prospects, developments and business strategies, as well as Mastercard’s acquisition and operation of RiskRecon’s business. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.
Many factors and uncertainties relating to the proposed transaction, our operations and our business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of these factors could cause our actual results or the impact of the acquisition to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf. Such factors related to the completion and impact of the acquisition include, but are not limited to, whether all necessary conditions will be met, and whether the transaction will close on agreed terms and in a timely manner.
For additional information on other factors related to Mastercard’s overall business that could cause Mastercard’s actual results to differ materially from expected results, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2018, and any subsequent reports on Forms 10-Q and 8-K.
Investor Relations: Gina Accordino, email@example.com, 914-249-4565
Communications: Seth Eisen, Seth.Eisen@mastercard.com, 914-249-3153