IronScales has enjoyed a year of record growth, with its annual revenue increasing by 302% in 2016 as more companies take advantage of its innovative anti-phishing solutions.
IronScales has developed the first anti-phishing solution that combines human intelligence with machine learning. The company’s suite of products includes IronTraps™ – An intrusion prevention system designed to block phishing, spear phishing and BEC attacks and Federation™ – an intelligence sharing tool that distributes information on the latest phishing threats to all members of its network.
The solutions allow organizations to rapidly identify and mitigate phishing attacks before they result in malware infections or a network compromise. Since the solution uses machine learning, once a phishing scam has been identified by the system, organizations have permanent protection from the threat. Each time a phishing email is received with the same signature, the threat is automatically mitigated.
The Raanana, Israel-based cybersecurity firm was founded in 2013 specifically to address the growing threat from phishing and has quickly become a leading player in the industry. The company has recently been named a finalist in the 2017 SC Awards in the Best Email Security Solution category and was also a finalist in the Best Cybersecurity Startup category at the recent Cybersecurity Excellence Awards.
2016 has seen impressive growth for the firm, with a number of important milestones reached in 2016. The firm has just closed its seed funding round, having attracted $1.5 million in investment and launched its new Federation™ threat intelligence service.
2016 saw the firm launch the first anti-phishing service for Managed Security Service Providers (MSSPs), combining employee security awareness training with phishing simulations, automatic phishing incident response and intelligence threat sharing. In 2016, the IronTraps™ solution has prevented numerous phishing attacks on organizations, including preventing one of Israel’s largest defense firms from a targeted phishing attack involving Locky ransomware.
Over the course of the year, its customer-base has been steadily growing – not just in its home country of Israel – but around the world. The company is now protecting more than 100 enterprises in Europe, Asia, Africa and North America from phishing attacks. Those customers are spread across multiple industries including the financial services, healthcare, insurance and defense.
“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,” said IronScales founder and CEO, Eyal Benishti.