To help banks and other financial institutions thwart the plague of cybercrimes, IBM is strengthening its cybersecurity business with the acquisition of Israeli startup Trusteer.
IBM is setting up a new cybersecurity software lab in Israel that will bring together its researchers as well as Trusteer’s 200 security specialists.
The cybersecurity lab will address mobile and application security, counter-fraud protection, malware detection and financial crimes.
Trusteer’s strengths include cloud-delivered security services for fast response against new security threats, end-point security software for PCs and Macs, mobile software for account takeover prevention and compromised device detection, complex device fingerprinting and a global fraudster database.
Seven of the top 10 U.S. banks and nine of the top 10 U.K. banks are said to use Trusteer’s products to secure customer accounts against financial fraud and cyber attacks.
Besides causing millions of dollars in losses to banks, cyber attacks are reducing consumer confidence in online banking.
IBM said the new cybersecurity lab will be separate from its existing development facility in Israel.
Financial terms of the Trusteer acquisition were not disclosed.