Sontiq to acquire Cyberscout
Sontiq, a portfolio company of The Wicks Group of Companies, announced the signing of a definitive agreement to acquire Cyberscout, a provider of identity protection products and services.
Founded in 2003 and formerly known as IDT911, Cyberscout offers its solutions through partners with a focus on insurance companies. By acquiring Cyberscout, Sontiq will further build upon its “world-class product platform” and expand into the insurance industry with cyber solutions and forensic investigation products and services.
We recently published a report covering the identity protection space and different players. In it, we highlight some of Cyberscout’s insurance partners. For example, Farmers offers Farmers Identity Shield, a service that costs at most $65/yr and provides consumers with credit monitoring and access to Cyberscout’s fraud specialists.
The identity protection space is crowded with a variety of players that don’t play by the same rules. For example, Credit Karma offers a free service that can alert users if they’ve been affected by a data breach or if there is suspicious activity on their accounts, and Chase has Credit Journey, another free service for account holders that provides access to credit score information and identity protection powered by Experian.
“Millions of customers and organizations rely on Sontiq throughout the banking, employee benefits, public sector, commercial, and consumer industries to protect all they’ve built. With IdentityForce, Cyberscout and EZShield, we have created the trifecta required for all those we serve to combat and recover from the increasing harm resulting from identity crimes and cyber threats. This is a powerful acquisition for Sontiq. By adding Cyberscout into our product portfolio we are further strengthening our financial services market position with insurance industry expertise.” – Brian J. Longe, President and CEO of Sontiq.
“The Cyberscout acquisition accelerates Sontiq’s vision of creating a tech-enabled platform focused on providing digital financial wellness with unrivaled scale, flexibility and customer service capabilities. The financial information and big data industries are starting to create services to help businesses and consumers manage their digital financial health. The same end points that drive enormous growth rates in eCommerce and social media are creating an explosion of identity theft and cyber crimes. Sontiq is focused on building products and services to help defend against the underbelly of the cyber world. And, through its brands, IdentityForce and EZShield, and now with Cyberscout, Sontiq’s platform delivers high-value offerings that are trusted and relied on by millions of institutions, families and individuals every day.” – Daniel L. Black, Managing Partner at Wicks.