Facebook share price up, introduces ThreatExchange

Facebook launched on Wednesday a social platform for companies aimed at exchanging information about hacker threats and possible attacks.

The worlds biggest social network introduced it latest project dubbed “ThreatExchange” which will aid companies in the war against cyber hackers.

During the development period Facebook collaborated with Tumblr, Yahoo, Pinterest and Twitter, which provided feedback on the behavior of the new API-based platform.

Bitly and Dropbox joined at a later stage, bringing to total member count to seven major tech companies, with large user bases.

The platform will allow its users to hand pick which companies to see their shared information, with no obligation to publish all the data they have on hacker threats.

Facebook said the current tools that companies are using to share information are inconsistent, complex, lacking standardized formats and could be a financial burden to a company should it choose to use a commercial threat detection system.

ThreatExchange is based on a system that Facebook already uses internally in order to improve its awareness of hacker threats to its website in real time. Additionally, the tech giant will offer the platform without charging any participant.

The move from Facebook also follows the increased concern towards cyber security that US President Barack Obama is showing. Last month Mr. Obama announced a new legislation aimed at allowing companies to share information with government agencies, such as the NSA.

The White House believes the legislation is necessary in part because it will give companies legal immunity for sharing information on hacker threats or attack. However, the administration do not want to encourage companies to initiate individual counter-attacks, which may lead to cyber warfare.

Mr. Obama is expected to talk about those issues at Stanford University on Friday.

Despite some issues, many support the idea of information sharing, after last years major hacker attacks. Retailer Home Depot became a victim of largest security breach of personal information ever, including more than 56 million exposed payment cards.

Late last year, Sonys movie studio was left without access to its network for several days, after a massive cyber attack.

In 2013 hackers breach the security systems of Target, stealing credit and debit card information from over 40 million accounts, forcing major banks to limit withdrawal amounts.

“To be stronger together, we need a more open approach to security with the right tools,” Facebook has written on their newest website.

Facebook gained 1.01% on Tuesday and closed at $75.19 on the NASDAQ. On Wednesday the stock climbed 1.60% to $76.39 at 15:46 GMT, marking a one-year increase of 17.79%. The company is valued at $208.36 billion.

According to the Financial Times, the 41 analysts offering 12-month price targets for Facebook have a median target of $90.00, with a high estimate of $107.00 and a low estimate of $65.00. The median estimate represents a 19.70% increase from the last closing price.