PayPal Buys Israeli Cybersecurity Firm CyActive
Reports indicate PayPal paid $60 million for the company.
CyActive has developed a number of algorithms, software programs, and other technologies aimed at protecting consumers on the internet. The firm was backed by $2 million from investors like Siemens and JVP.
CyActive believes current cyber measures are retroactive, fixing problems after they have already occurred. The company tries to take a more proactive approach, making changes to protect companies and consumers before the problem ever occurs. So, CyActive specializes in technology that can predict how malware will develop.
This is the second security company PayPal has acquired from Israel. In 2008, PayPal purchased a financial fraud monitoring firm called FraudSciences for $169 million.
Recently, PayPal’s Senior Internet Security Advisor Trent Adams released a statement on the company’s website discussing PayPal’s security efforts over the last six years. In particular, Adams looked into how the Domain-based Authentication, Reporting & Conformance has helped reduce the amount of “domain spoofing” emails that customers now receive.
“After dedicating six years to the problem we set out to address, our commitment to combat fraudulent email is making a real difference. Something that started as another big idea became DMARC, and now we can see that it’s clearly protecting our customers from spoofed domain attacks. And although this is only one of many types of attacks, it is satisfying to tick the checkbox as we shift our focus to our next big idea as we continue to aggressively protect our customers against all manner of attacks.”