In a move to protect consumer’s digital identities, The Allstate Corporation has agreed to buy InfoArmor.
The insurer said it has agreed to buy the identity protection provider in a $525m all-cash deal, which could close later this year.
“Consumers are increasingly at risk of having their digital identities compromised. Last year there were over 16 million victims of identity fraud, which resulted in over $16bn of losses,” said Tom Wilson, chairman, president and CEO of Allstate
“With the acquisition of InfoArmor, Allstate will protect more customers from this risk and help rebuild their lives after they have been hacked. InfoArmor is the go-to identity protection company in the employee benefits market, providing an opportunity to expand the Allstate Benefits business now serving over 4 million employees.”
Arizona-based InfoArmor currently provides its product to more than one million employees at over 1,400 firms, including more than 100 of the Fortune 500 companies.
Headquartered in Scottsdale, Arizona, the company provides PrivacyArmor, a proactive identity monitoring service that sends alerts at the first signs of fraud. Its intelligence platform and monitoring capabilities detect, intercept, and restore the misuse of personal information that puts identities and enterprises at risk.
PrivacyArmor monitors credit transactions, credit bureau reporting, and the dark web for compromised credentials. It extends its protection to ‘anyone in the household’, alerting at the first signs of fraud to protect users from identity theft.
InfoArmor’ also provides a corporate threat intelligence service, dubbed VigilanteATI. The platform monitors for emerging threats and protects companies from hacks and cyberattacks. It doesn’t rely on third-party feeds or automated data collection, with its human operatives and researchers providing real-time intelligence and analysis.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
