Foregenix, a global payments cybersecurity specialist, has sold its in-house technology to a new company established by its co-founder Benjamin Hosack.
The firm based in Swindon, Wiltshire says the launch of Turaco Labs will enable Hosack to bring Foregenix’s enterprise-grade solutions to the global eCommerce industry, while allowing Foregenix to focus on its core services business.
Turaco Labs’ flagship product ThreatView Advanced will help to protect websites against malware and other attacks while simplifying compliance.
ThreatView represents the next generation of eCommerce security, following on from Foregenix’s FGX-Web and WebScan technologies, which were developed for use in its digital forensic work and have for over a decade been used to monitor the security status of millions of eCommerce sites including those of major banks and processors. The technology has now been significantly enhanced.
Hosack plans to build a dedicated team of around 10 to 15 staff within the next year as the business and technology scale. However, he will maintain his role as a board member of Foregenix and the two companies will work in close collaboration, with Foregenix using ThreatView to support its existing banking and payment processing clients and continuing to use Turaco Labs’ products in the future.
The launch of ThreatView, which is based in Hungerford, Berkshire follows the introduction of the PCI DSS version 4.0 requirements, which will come into force fully on 31 March next year, and a significant increase in the number of attacks on eCommerce sites over the last 12 months.
Foregenix’s research showed that of the 15 million sites it monitors, over 20,000 were compromised during the first quarter this year – more than double the previous quarter. While digital skimmers have been the most common threat in recent years, there is now a big increase in digital loaders which load skimmer code into the visitor’s browser and capture payment data before it even reaches the vendor’s payment system.
“I have always been a big believer in the benefit that Foregenix’s products could bring to the industry,” said Hosack.
“However Foregenix’s focus on its core services has meant that the solutions have played a more supporting role.
“The launch of Turaco Labs will enable the product business to achieve its full potential, by further developing the solutions and rolling them out to the eCommerce industry.
“With merchants facing increased cyber risks and the complexities of PCI compliance, ThreatView fills a gap in the market for a simple solution to address these complex challenges – and at a price that is accessible to the smallest eCommerce site.”
Established in 2009, Foregenix now has 110 staff and additional offices in the US, Brazil, Argentina, Germany, South Africa, Singapore and Australia.