Mastercard has announced a significant expansion of its cybersecurity services by acquiring global threat intelligence company Recorded Future for $2.65 billion from Insight Partners. This move aims to enhance the tools and insights necessary to secure the digital economy, not just within the payments ecosystem but across various industries.
Recorded Future is recognized as the world's largest threat intelligence firm, serving over 1,900 clients in 75 countries. Its clientele includes the governments of 45 nations and more than half of the Fortune 100 companies. The growing complexity of cyber threats has made comprehensive, global cyber defense more critical than ever, with cybercrime projected to cost $9.2 trillion worldwide in 2024.
The company's platform offers real-time visibility into potential cyber threats by analyzing a wide range of data sources. This approach, combined with advanced AI technology, allows Recorded Future to provide actionable insights that help clients mitigate risks effectively. Integrating these capabilities with Mastercard's existing identity, fraud prevention, real-time decisioning, and cybersecurity services will significantly strengthen threat intelligence offerings for its network of merchants and financial institutions.
Craig Vosburg, Chief Services Officer at Mastercard, emphasized the importance of trust in digital transactions: "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."
Both Mastercard and Recorded Future leverage AI to analyze billions of data points to identify potential threats, safeguarding individuals and businesses alike. By combining their technologies and expertise, they aim to develop even more robust cybersecurity practices, reinforcing Mastercard's reputation as a trusted leader in the industry.
Customers across various sectors will benefit from this acquisition, gaining enhanced insights that drive product innovation, intelligence, and security. Mastercard’s extensive global reach also offers Recorded Future the opportunity to expand its services to new markets.
Christopher Ahlberg, CEO of Recorded Future, sees this acquisition as a step forward in the company's mission: "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."
Recorded Future has been a trailblazer in AI-powered analytics, making threat intelligence accessible and understandable for customers. Its technology enhances customer efficiency in addressing identified risks. Currently, Mastercard and Recorded Future collaborate on an AI-supported service that alerts financial institutions when a card is likely compromised. This service has doubled the rate of identifying compromised cards since its launch earlier this year.
The acquisition is expected to be finalized by the first quarter of 2025, pending regulatory approval and customary closing conditions.
