A Swindon-based cybersecurity business has sold its in-house technology to a newly launched company established by its co-founder.

Foregenix has sold its ThreatView technology to Turaco Labs, a firm which has been launched by Benjamin Hosack.

ThreatView, under Turaco Labs, promises to be a game-changer for the global eCommerce industry.

The technology will protect websites from malware attacks while simplifying compliance with the Payment Card Industry data security standard.

ThreatView represents the next generation of eCommerce security, following on from Foregenix’s FGX-Web and WebScan technologies which were developed for use in its digital forensic work, and have for more than a decade been used to monitor the security status of millions of eCommerce sites.

With Turaco Labs, Mr Hosack has plans to assemble a team of 10 to 15 professionals within the next year as the technology and business expand.

He will remain on the Foregenix board and the two companies will work in close collaboration.

Foregenix aims to use ThreatView to support its current clientele of banks and payment processing services.

The launch of ThreatView, which is based in Hungerford, follows the introduction of the Payment Card Industry data security standard version 4.0 requirements, which will come into force fully on March 31, 2025, and a significant increase in the number of attacks on eCommerce sites over the last 12 months.

Data from Foregenix reveals of the 15 million sites it monitors, more than 20,000 were compromised during the first quarter of this year, indicating a surge in comparison to the previous quarter.

Mr Hosack said: "I have always been a big believer in the benefit that Foregenix’s products could bring to the industry.

"However Foregenix’s focus on its core services has meant that the solutions have played a more supporting role.

"The launch of Turaco Labs will enable the product business to achieve its full potential, by further developing the solutions and rolling them out to the eCommerce industry.

"With merchants facing increased cyber risks and the complexities of PCI compliance, ThreatView fills a gap in the market for a simple solution to address these complex challenges – and at a price that is accessible to the smallest eCommerce site."

Since its establishment in Swindon in 2009, Foregenix has emerged as a global leader in payments cybersecurity.

It now employs 110 staff and has additional offices across the globe, including in the US, Brazil, Argentina, Germany, South Africa, Singapore, and Australia.