Mastercard and Interos partner to address global risk changes
Mastercard's EVP of Cyber and Security Products, Johan Gerber, says financial institutions face multiple disruptions. 11% of organisations continuously monitor third-party risk, per Interos. Systemic Risk Assessment is the first fully automated platform to map, monitor, and model global trade's complex web of business relationships.
Mastercard today announced a new partnership with Interos, the hyper-growth operational resilience company, to further expand its security strategy and bring Interos’ multi-tier risk monitoring capabilities to financial institutions. This new offering allows organizations to proactively detect and eliminate risk across multiple areas – including cyber, financial, ESG, restrictions, geopolitical and operational – throughout their network of business and merchant relationships.
Risk has taken on new dimensions in recent months. A growing number of complex and interconnected supplier and merchant business relationships mean threats can develop anywhere in an organization’s third-party business network. Many enterprises do not have the ability to track and mitigate these risks: according to Interos research, just 11% of organizations monitor their third-party risk on a continuous basis. However, according to a study by RiskRecon, a Mastercard company, 63% of organizations say managing third-party risk is a growing priority for their organization.
“The threat landscape is evolving rapidly and financial institutions are being exposed to potential disruption across multiple dimensions,”
says Johan Gerber, executive vice president, Cyber and Security Products at Mastercard.
“External risks are becoming more sophisticated and complex. Our partnership with Interos makes it simpler for financial institutions to continuously evaluate risk, helping advance security and trust in the digital ecosystem.”
Systemic Risk Assessment is the first fully automated platform using artificial intelligence and machine learning to map, monitor and model the complex web of business relationships that power global trade. The platform features an aggregate operational resilience risk score that allows organizations to quickly evaluate companies they do business with for vulnerabilities based on multiple risk dimensions, providing timely insights that they can act on before they impact a business. It provides the most advanced visibility into global nth party business relationships, spanning over 345 million entities and 18 billion business relationships.
“Systemic risk in our business ecosystems is a challenge that impacts every aspect of our global economy,”
said Jennifer Bisceglie, CEO and Founder of Interos.
“This partnership with Mastercard is important in providing the ability to pre-solve issues before they become costly crises. Together, we’re excited to bring real-time, continuous insights and operational resilience to every market around the world.”
Source: Mastercard news