Google Acquires Israeli Cybersecurity Startup Siemplify for $500M

Google confirmed its acquisition of Israeli cybersecurity startup Siemplify for $500 million on Tuesday (Jan. 4), giving the tech giant a stronger foothold in end-to-end business security services, better known as security orchestration, automation and response (SOAR).

Siemplify will become part of Google Cloud’s security team, joining its Chronicle operation.

“We plan to invest in SOAR capabilities with Siemplify’s cloud services as our foundation and the team’s talent leading the way,” Google wrote in a blog post announcing the deal. “Our intention is to integrate Siemplify’s capabilities into Chronicle in ways that help enterprises modernize and automate their security operations.”

Related: T-Mobile Data Breach to ‘Small’ Number of Customers Caused by SIM Swap Attacks

Cybersecurity and data breaches continue at a brisk pace at all levels of business. Last week, T-Mobile confirmed that it was aware of SIM swap attacks affecting what it said was a “very small” number of customers.

T-Mobile said the issue that caused the attack has been fixed and all affected customers were informed on how to proceed. There were no other details available for the attack, such as the number of customers affected or how the SIM swap had happened.

In August, attackers breached T-Mobile’s database to gain access to more than 50 million customers’ phone numbers, addresses, birth dates, social security numbers, driver’s license and ID info and more, then offered the information for sale.

Also Read: Credit Unions Tap AI to Keep Digital Services Fraud Free

Meanwhile, PYMNTS reported last month that the Federal Trade Commission (FTC) collected more than 1.3 million fraud reports between Q1 and Q3 of 2020, with more than $1.5 billion in total losses.

Most credit unions and their vendors used precarious email networks, practiced poor software patch management and fell victim to leaked employee credentials.

This cost credit unions (CUs) anywhere from $190,000 to more than $1.2 million for large CUs, while the costs of a single-vendor attack may surpass $1 million for large CUs and $300,000 for small CUs.