Global e-commerce business, Paypal, disclosed a large data breach surrounding their recent acquisition of Tio Networks. According to the report, the cyber attack resulted in 1.6 million of Tio’s users personal identifiable information being exposed.
Acquired by PayPal for US$233 Million in July 2017, TIO Network is a cloud-based multi-channel bill payment processor and receivables management provider that serves the largest telecom, wireless, cable and utility bill issuers in North America. Upon discovering the breach of sensitive data, Paypal initiated an internal investigation into Tio’s billing payment processor to ensure the issue is contained.
Data breaches like these happen every day to businesses of all sizes. If you’re interested in learning more about our industry leading policy form and how it can respond in the event of an attack, please contact our team of Cyber Insurance Specialists.
To learn more about this cyber crime, check out the article on The Hacker News.
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