PayPal is opening a new security center in Israel, it announced on Tuesday as part of a strategic decision to expand its security efforts. “Located in one of the world’s top cybersecurity hubs, this new security center will allow us to tap into the country’s cutting-edge technology and top cybersecurity talent,” according to PayPal’s Chief Technology Officer James Barrese.
The new center is possible thanks to its acquisition of CyActive, which had been rumored to have been taking place last week.
PayPal confirmed the acquisition Tuesday, and said its new Israeli security center would extend capabilities it has already developed through its Fraud and Risk Detection Center in Tel Aviv.
Cyber security is top of mind across all industries as security breaches appear to be on the rise. And with Apple breathing down PayPal’s neck with its mobile payments service, PayPal is looking to retain its reputation as a secure service. Apple came under scrutiny last year after hackers were said to have accessed celebrity’s accounts in the Apple iCloud.
CyActive specializes in technology that can predict how malware will develop. “The acquisition of CyActive will bring great talent and immediately add “future-proof” technology to PayPal’s world-class security platform,” Barrese said. “With CyActive, we’ll have even more ways to proactively predict and prevent security threats from ever affecting our customers.”