Mastercard Looks To Fight Cyber Threats: What's Going On With Credit Card Company's Shares Thursday?

Zinger Key Points
  • Mastercard opens European Cyber Resilience Centre to boost defense against cyber threats and foster collaboration.
  • Despite fee hike concerns in the UK, Mastercard gains 20% in a year, signed multi-year agreement with Synchrony Financial and Virgin Red.

Mastercard Incorporated MA inaugurated a European Cyber Resilience Centre at its European Headquarters to combat cyber threats.

The company, whose stock has gained over 20% in the past year, looks to enhance its cyber defense capabilities.

Within the Mastercard European Cyber Resilience Centre, key components include a Fusion Centre and Digital Forensics Lab, along with over 20 teams’ representatives, vital for its operational effectiveness.

To address the threat landscape of cybercrime overall, the ECRC brings together partners from across the public and private sectors.

By leveraging its facilities, it facilitates collaboration with national cyber intelligence centers, law enforcement agencies, and industry bodies across Europe.

“This centre will bring together the brightest minds from business, government and other sectors to stay ahead of threats and make the digital world as secure as possible. Afterall, the work to ensure people can trust that they are safe online doesn’t stop at our four walls — or our firewalls,” said Mastercard CEO Michael Miebach.

Mastercard, like Visa Inc. V, is under scrutiny for its fee structure.

According to the Britain's Payment Systems Regulator (PSR), the company saddles retailers with higher fees without making significant service improvements.

The PSR expressed concerns that competition within the market is lacking. Fee hikes don’t correspond with enhancements in service quality, they say.

According to Benzinga Pro, Mastercard investors can gain exposure to the stock via IShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund – Financial XLF

Earlier this month, penned a multi-year agreement with Synchrony Financial SYF and Virgin Red for the new Virgin Red Rewards World Elite Mastercard credit card program.

As per the deal, Synchrony will become Virgin Red's exclusive U.S. issuer of a multi-category travel credit card program. Mastercard is the exclusive payments network for the new card, which will be launched in the second half of 2024.

The new Virgin Red Rewards Mastercard will allow cardholders to earn Virgin Points on hotels, flights, cruises, experiences, and purchases outside Virgin companies. 

Price Action: MA shares were up 0.16% at last check Thursday, trading at $443.35 each.

Now Read: Mastercard Teams Up With Synchrony And Virgin Red For New Travel Rewards Credit Card

Image: Shutterstock

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