Mastercard has partnered with managed security services distributor Cyber Monks to launch a cyber marketplace aiming to simplify the acquisition of cybersecurity solutions. Through this partnership, Mastercard and Cyber Monks aim to ensure that cybersecurity solutions are tailored to address the requirements and issues faced by small and medium-sized enterprises (SMEs).

The partnership’s offering Considering the current digital economy and that cyber risks pose an increasing threat to businesses and their customers, the two companies want to allow SMEs to access the latest suite of RiskRecon by Mastercard cybersecurity solutions.  The online marketplace includes analysis and reporting of third-party risk and supply chains, customised to the needs of businesses. Moreover, SMEs have access to insightful evaluations of their cybersecurity stance, as well as assessment of their supply chains and third-party vendors to enable them to secure their supply network. The marketplace also offers assistance in adhering to compliance standards like ISO 27001, DORA, and NIS. This venture is the first of its kind for Cyber Monks, providing a white-labelled cybersecurity marketplace with co-branding prospects and allowing Managed Service Providers (MSPs), Telecom companies, and financial institutions to present these solutions to their customers.

In addition to the cybersecurity solutions, users receive access to global assistance in German and English, with French, Spanish, and Italian support due to launch in early 2024. Currently, all Mastercard credit card holders can obtain exclusive deals through the Mastercard Business Bonus Program. The two companies plan to integrate the cybersecurity marketplace into Mastercard’s Priceless Planet Coalition program in January 2024, aiming to support the objective of restoring 100 million trees globally by 2025. The newly launched platform functions on a Software-as-a-Service (SaaS) framework, offering monthly subscriptions and accepting several payment options. According to Cyber Monk’s officials, with this marketplace, the company aims to reduce complexity, while ensuring that customers can deploy cybersecurity tools against the increasing number of cyber threats.

Mastercard representatives stated their commitment to providing protection for both businesses and their supply chains. Mastercard’s recent developments As a global technology company in the payments industry, Mastercard’s mission is to connect and enable an inclusive, digital economy that benefits global businesses and customers by making transactions safe and accessible. By using secure data and networks, as well as establishing partnerships, the company aims to help individuals, financial institutions, governments, and businesses achieve their objectives. At the beginning of August 2023, Mastercard partnered with Riskified, a US-based ecommerce risk intelligence company, to enable businesses to mitigate fraud whilst growing revenues.

Through this collaboration, Mastercard merged its cybersecurity capabilities with Riskified’s transaction and identity network. Furthermore, the company offered access to its set of solutions that enable instant notifications regarding chargeback occurrences and facilitate the process of automated dispute settlement. .