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PayPal acquires TIO networks but with a cost

Just hours ago, it was made public that PayPal has had a security breach due to their newly acquired networks company TIO.

Back in February, Paypal had acquired TIO Networks in hopes of introducing the TIO customers to PayPal’s services. This attempt at bolstering their user numbers has actually backfired.

Thus far it is estimated that 1.6 million customers’ personal information has been breached. PayPal has suspended TIO networks last month after discovering the evidence of a security breach. PayPal stated that TIO’s network had discovered the vulnerability in security and that the forms of information that was taken could be customer names, addresses, SSN, and login credentials.

It is important to note that the PayPal systems and TIO systems are separate networks and PayPal customers were unaffected. Thus far, TIO will remain in suspension until TIO’s platform issues with data security and information security standards are up to PayPal’s standards.

It’s quit lucky that PayPal had chosen not to fully merge the systems otherwise this could have become an even bigger issue and also involving customers with PayPal accounts.

Be careful where you put your sensitive information on the web, and ensure the businesses your using has strong network defenses. 

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