IronScales Collects $1.5 Million in Seed Funding to Protect Enterprises from Phishing Cyber Crimes

Israel’s RDSeed Leads Funding Round; Monies will Fund R&D, Geographic Expansion

RA’ANANA, Israel--()--Israeli security start-up IronScales, developers of the cyber security industry’s first ever employee-based intrusion prevention system with an automated phishing-mitigation response, today announced it has closed a seed round of funding. The $1.5 million round is led by RDSeed, an investment arm of Rafael Development Corporation (RDC).

IronScales’ comprehensive crowd-wisdom-based phishing-mitigation solution helps protect enterprises from cyber-crimes whereby criminals attempt to deceive employees into revealing sensitive information such as usernames and passwords so they can then install spyware, remote-access Trojan horse attacks or ransomware. The IronScales solution is currently in use by dozens of customers in the financial sector, as well as security and telecom companies.

IronScales will use the seed money for ongoing product development and the expansion of its operations in Europe and the U.S.

More than 90 percent of successful cyber-attacks on companies and organizations involve sophisticated, employee-targeted spear-phishing (according to Trend Micro), and damages can range from the theft of sensitive information to ransom demands.

The IronScales training program uses a “gamified” and interactive approach, simulating real-world email phishing attacks, and helping prepare employees for actual attacks. Those who fail to spot the mock attack will receive on-the-spot quick, fun, interactive training.

When an employee spots and reports an actual phishing email, IronScales’ solution executes an automatic, immediate and powerful mitigation response called IronTraps™. This unique, patent-pending, automatic phishing mitigation module empowers skilled and vigilant employees to block attacks by triggering Phishing Forensics™, followed by an enterprise-wide mitigation response. The IronScales system also provides ongoing, real-time reporting to the information security team while interfacing with existing monitoring and prevention solutions.

"Phishing is an insidious threat to enterprises, but the existing solutions targeting the problem simply did not go far enough,” said Eyal Benishti, IronScales CEO. “That’s why we created IronScales, not only to raise awareness of phishing attacks but to then empower employees to actually block them. When workers understand how to spot phishing attacks, they become powerful assets in helping protect their enterprises from attack.”

IronScales dramatically increases employee awareness and mitigation of malicious emails and has already made a significant impact for existing customers, reducing employee click rates of malicious email and mitigating actual phishing attacks. In many of today’s most widely publicized phishing attacks of prominent global corporations, IronScales’ training, automatic detection and mitigation solution could have prevented the damage caused by spear-phishing attacks.

About IronScales
IronScales, founded in 2013, pushes the cyber security envelope, going beyond detection with a crowd wisdom-based phishing training and mitigation solution. IronScales was initially launched in the 8200 Entrepreneurship and Innovation Support Program (EISP), a prestigious incubator and mentoring program for early stage ventures, founded by alumni of the Israel Defense Forces’ elite Intelligence Technology unit. The IronScales team is comprised of security researchers and penetration testing experts, as well as experts in the field of effective interactive training. Customers include leading global corporations and Israeli security organizations. Visit us at www.ironscales.com for more information.

About RDSeed
RDSeed invests in early stage start-ups, providing ongoing support and strategic resources for companies at the seed stage and later. A subsidiary of RDC, a joint venture between Rafael and Elron (TASE: ELRN), RDSeed offers its portfolio companies access to Rafael’s technology experts and Elron’s seasoned investment executives, combined with mentoring and guidance from its experienced management team.

Contacts

Rainier Communications
Alan Ryan, +1 508-475-0025, ext. 116

Contacts

Rainier Communications
Alan Ryan, +1 508-475-0025, ext. 116