A CyberSecurity Center is Planned In Israel: PayPal Buys CyActive For This Purpose

Internet - (on March 11, 2015 09:41 AM)

A CyberSecurity Center is Planned In Israel, PayPal Buys CyActive For This Purpose


 

PayPal plans to build a new cyber security hub in Israel, as the moves of company to buy the CyActive add strong positive indications to this motive which is rumored on many large websites. On Tuesday PayPal officially announced that the company is buying CyActive which is cyber security firm in Israel founded in 2013 by Liran Tancman CEO and Shlomi Boutnaru CTO of the company.

 

CyActive claims that it forecast and prevent the cyber attacks, it also offer its services to companies for detecting and preventing the cyber hacking attacks.

 

In last September the CyActive receives a strategic investment of about $2M from Siemens (A German Company), via a venture capital. For this purpose the company joins JVP (Jerusalem Venture Partner), which is a venture capital firm in Israel.

 

Before this investment PayPal also make its first investment in Israel in 2008, when the company buys ‘Fraud Sciences’ for $169M, it is a financial fraud detection company.

 

Due to increased penetration of Smartphone, tablets and other devices connecting to internet, people now prefer to use online payment services to purchase services and products while simply sitting at their home. Due to this popularity of online payment services, now there is a need to introduce some new security measures to defend the company from being attacked by hackers.

 

Due to recent activities of hackers on major companies like ‘Sony Hack Online’ and many others points to the need for online security, which is now-a-days a major concern on internet for public. So online companies should invest in cyber security programs to get their businesses and their customer’s data secure from the hackers.

 

Due to growing number of hacking and other cyber breaches, the big giants on internet are looking to tight up the security parameters and fill out the loop holes in the system so that their goodwill in customer’s eyes remains at its good.

 

PayPal serves as an alternative to offline payments, and have highly private data of their customers like passwords, account transaction details,  total balance in their accounts etc. this purchasing will able PayPal to strengthen its security and to protect its customers data more professionally.

 

Moreover one of the major factors behind this transaction is the finance sector being under attack by hackers. In previous months some giants have revealed data breaches which affects about 10M customers leading to a leak of credit card or other financial information in some events.

 

In addition to this transaction PayPal also purchased ‘BrainTree’ for making its mobile payment business strong. BrainTree is a payment processing company which will be quite helpful for PayPal to boost ‘OneTouch’ a mobile platform.


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