Mastercard acquires Swedish cybersecurity company

Purchase-based Mastercard (NYSE:MA) has acquired the Swedish cloud-based cybersecurity company Baffin Bay Networks. The terms of the acquisition were not disclosed.

In a press statement, Mastercard said the acquisition will add to the company”™s “multi-layered approach to cybersecurity and helps to stop attacks, while mitigating exposure to risk across the ecosystem.” Baffin Bay Networks”™ cloud-based solution uses AI technology to automatically filter and counteract malicious internet traffic.

“We see trust as central to securing the future of our digital world,” said Ajay Bhalla, president of cyber and intelligence at Mastercard. “The addition of Baffin Bay Network”™s instantaneous, predictive and cloud-based AI technology to our existing analytical capabilities will deliver a leading, singular cyber solution. This will enable us to provide our customers across the world with faster, smarter and more effective protection from cyber risk.”