Mastercard Offers Free Cybersecurity Tool for Canadian Businesses

Need to Know 

• Mastercard has announced a new initiative to support small businesses in Canada.
• The global payments firm is leveraging its risk assessment tool RiskRecon to provide small businesses with free risk assessment services from now until December 31, 2020.
• Mastercard has been heavily invested in cybersecurity in recent months, announcing a secure payments partnership with Samsung and a new Intelligence and Cyber Centre in Vancouver.

Analysis 

In an effort to support small businesses amid the coronavirus pandemic, Mastercard is providing free cybersecurity tools for businesses in Canada. 

The major payments company will lean on its recently-acquired RiskRecon to provide Canadian small businesses with free risk assessment services from now until December 31, 2020. 

RiskRecon is a risk assessment automation tool that enables small businesses to streamline operations while managing potential security risks in their business, which Mastercard acquired in December of 2019. The free cyberhealth assessment provided during the pandemic will help businesses identify and address potential vulnerabilities in their systems in order to stay ahead of potentially costly cyber attacks.

“Small businesses are the lifeblood of our economy and now, more than ever, it’s vital that they be protected,” said Sue Hutchison, SVP of product, digital and new payments for Mastercard Canada. “Mastercard has a proud history of supporting small businesses in Canada and we’re building on that by providing free access to the resources small businesses need to safeguard their systems now, and for the future.”

Small businesses with up to 100 employees can register for free access to RiskRecon’s ‘My Cyber Risk’ service and portal. The service will provide businesses with “continuous cyberhealth assessments along with actionable recommendations for how to strengthen their cybersecurity posture.”

Mastercard has invested heavily in cybersecurity in recent months. Shortly after the acquisition of RiskRecon, the global payments giant announced a new Intelligence and Cyber Centre based out of Vancouver, funded in part by an investment from the Canadian government. 

Mastercard’s secure systems can also be integrated with other major brand’s payment options: the company recently announced plans to bring secure Pay on Demand to Samsung.