Risky Bulletin – Sponsored: Why Mastercard Got Into Threat Intel

Podcast: Risky Bulletin
Host: Tom Uren (A)
Guest: Mike Lashley, Chief Security Officer, Mastercard (B)
Date: November 30, 2025

Episode Overview

This episode explores Mastercard’s acquisition of Recorded Future and its strategic entry into the commercial threat intelligence arena. Host Tom Uren interviews Mike Lashley, Mastercard’s Chief Security Officer, about why the financial giant is moving beyond traditional security models, integrating threat intelligence into its core operations, and what this shift means for the global digital economy and the fight against cybercrime.

Key Discussion Points & Insights

1. Mastercard’s Move into Threat Intelligence

Timestamp: [00:27] – [03:30]

• Acquisition Rationale:
  • Mastercard acquired Recorded Future—making it the first major financial institution to purchase a dedicated threat intelligence company. • Lashley describes the shift as growing from "seven threat intelligence analysts…to 1007" thanks to the acquisition, significantly multiplying Mastercard’s capacity to address threats.
  • The integration creates a “symbiotic relationship”—combining Mastercard’s real-time transactional data (160 billion/year) with Recorded Future’s cyber intelligence.

• Strategic Objectives:
  • Embedding security and trust at every level of the digital economy (“Trust at scale is such an important part of our business proposition.” [00:53])
  • Providing actionable, predictive analytics and real-time insights to clients, securing not just transactions but the entire digital ecosystem.

2. The Arms Race in Fraud and Cybercrime

Timestamp: [04:04] – [06:15]

• Nature of the Threat:
  • Fraud is more sophisticated than ever—no longer just a financial threat, but a cybersecurity crisis. • Global fraud losses cited: “In 2024 alone, US consumers lost over $12.5 billion to scams. Global fraud losses topped $1 trillion. Over the next decade, we expect global card fraud…to reach almost $400 billion.” [04:04]

• Mastercard’s Advantage:
  • Success hinges on “the best data, the best models and the best computing power.” • Mastercard Threat Intelligence leverages billions of data points for preemptive defense and rapid fraud detection. • AI and advanced analytics are key in creating “precise code-level defenses” and enhancing collaboration and transparency across the financial services sector.

• Collaborative Impact:
  • Real-time, cross-border intelligence enables more unified, proactive defenses: “It really is, again, a win for the good guys.” [06:00]

3. Why Mastercard Led the Way

Timestamp: [06:15] – [09:20]

• Industry Context:
  • Uren questions why banks, who have clear incentive structures around loss prevention, weren’t the first to acquire a threat intelligence company.

• Lashley’s Perspective:
  • Mastercard's role protecting the global financial ecosystem motivated the proactive move. • Threat intelligence is now a “strategic investment…a market differentiator.”
  • Market data: “Over three quarters of enterprises now spend a quarter million dollars or more annually on threat intelligence, and that number will only grow.” [07:06] • Goal: Shift customers from reactive to proactive, intelligence-led protection. • Real results: “Since market testing began…over six months, those domains impacted nearly 9,500 e-commerce sites and were linked to an estimated $120 million in fraud. So, we know this approach works.” [08:37]

4. The Need for Global Collaboration

Timestamp: [09:20] – [12:28]

• International Initiatives:
  • Uren references Europe’s Operation Endgame and Cybercrime Atlas as examples of efforts to disrupt the cybercrime supply chain.

• Mastercard’s Role:
  • Modern threats are global, often driven by “organized transnational criminal groups, even nation states.” • Mastercard acts as an international intelligence broker, offering global patterns and signals (e.g., detecting a fraud trend in one country before it appears elsewhere). • Deep partnerships: “We actively participate in more than 50 regulatory, law enforcement industry groups worldwide.” [11:29]

• Essential Message:
  • “Collaboration is essential for our resilience…and the greater resilience of the global digital ecosystem.” [12:18]

5. Converging Cyber & Physical Security

Timestamp: [12:28] – [13:51]

• Combined Security Leadership:
  • Lashley serves as both Chief Security Officer and Chief Information Security Officer. • This model allows Mastercard to manage threats holistically—cyber and physical attacks are increasingly intertwined. • For large, globally connected organizations, this convergence enables a “30,000 foot view” and anticipates both digital and physical threat vectors. • “If you're a retailer with 400 retail shops…maybe it's not the right model for you, but for Mastercard, it really is an effective business model.” [13:40]

Notable Quotes & Memorable Moments

• On the Evolution of Threat Intelligence:

  “Trust at scale is such an important part of our business proposition, really embedding security and trust at every layer across the digital economy.”
  – Mike Lashley [00:53]

• On Why Mastercard Bought Recorded Future:

  “Last year I had seven threat intelligence analysts that work for me. And now with the acquisition of Recorded Future, I have 1007 threat intelligence analysts that I get to leverage to keep our organization safe.”
  – Mike Lashley [00:55]

• On the Arms Race Analogy:

  “Fraud today, it's more sophisticated, more pervasive, and harder to attack than it's ever been before. And it's really not just a financial issue. Fraud is a cybersecurity crisis that impacts the bottom lines and reputations of businesses and organizations across the globe.”
  – Mike Lashley [04:07]

• On the Uniqueness of Mastercard's Model:

  “Threat intelligence has moved from being a technical tool... to really a strategic investment. It’s a business enabler and…a market differentiator for those who know how to harness it.”
  – Mike Lashley [07:07]

• On Global Collaboration:

  “The bad guys are now talking, just like the good guys talk. And so we need to work together across organizations, across industry sectors, with the public and private sector, even NGOs, really, as a unified team to protect the greater digital ecosystem.”
  – Mike Lashley [10:24]

Main Takeaways

• Mastercard is redefining security leadership in the financial sector by deeply integrating cyber threat intelligence, leveraging synergies from its acquisition of Recorded Future.
• Threat intelligence is no longer just a technical tool but a business and strategic necessity—essential for trust, resilience, and competitive differentiation.
• The future of security is collaborative and intelligence-led, requiring seamless partnerships across borders, sectors, and public/private divisions.
• Cyber and physical security are converging; companies need to develop holistic approaches or risk being outpaced by advanced actors.
• Actionable intelligence and data sharing are Mastercard’s main weapons in fighting both fraud and larger cyber threats at global scale.