Israeli cybersecurity firm Ironscales has announced it has recorded an increase in annual revenue of 302% in 2016.
Ironscales provides services that help organizations deal with the threat from phishing. Phishing is now the biggest cyberthreat that must be mitigated by organizations. More than 9 out of 10 data breaches occur as a result of employees clicking on phishing emails, with attacks becoming increasingly sophisticated.
Ironscales has developed a range of products to help organizations reduce risk and improve resilience against phishing attacks, including the world’s first automated phishing defense solution. The IronTraps™ employee-based intrusion detection system allows employees to report phishing emails with a single click, with the system removing all instances of the email from company inboxes without any involvement from IT security teams. The system allows organizations to respond to phishing attacks in a matter of seconds.
Ironscale’s innovative anti-phishing platform has proved popular with companies. Ironscales now has more than 100 enterprise clients spread across Asia, Africa, Europe and North America in the healthcare, insurance, infrastructure and financial services industries.
While many anti-phishing platform providers concentrate on employee training and phishing simulations to help organizations improve their defenses, Ironscales has taken a different tack. Eyal Benishti, founder and CEO of Ironscales, said “As targeted phishing attacks increase in both sophistication and complexity, enterprises worldwide are beginning to realize the limitations of employee training in effectively deterring cyber criminals.” It is this realization that has helped fuel the company’s excellent growth. Benishti said, “Our significant growth in 2016 validates the market need to combine human intelligence with machine learning to automatically prevent, detect and respond to modern day email phishing attacks.”
It has been a highly successful year for Ironscales. In addition to record growth, the firm has attracted $1.5 million in seed funding and has launched a new phishing intelligence network called Federation. The network allows participants to share phishing attack information instantly with other members and receive instant notifications of current attacks on other Federation participants. The firm also launched the first anti-phishing Managed Security Service Provider (MSSP) program, which incorporates employee security awareness training, phishing simulations, threat intelligence sharing and an automated incident response.
The company has been selected as a finalist in the 2017 SC Awards in the Best Email Security Solution category and was named a finalist in the Best Cybersecurity Startup category of the Cybersecurity Excellence Awards.