Wheelings & Dealings: IronScales Collects $1.5 Million to End Phishing

By John Casaretto, Contributing Writer  |  January 22, 2016

Phishing is a present day plague that affects many people throughout the world. Cybercriminal operations drive this type of cyber risk, and over the course of these operations, nefarious groups set up bogus websites and emails which are designed to look like legitimate institutions such as banking, retailers, and other valued targets. IronScales recently announced seed funding to the tune of 1.5 million dollars which will help it stop this type of cyberattack. Based out of Israel, the developers of this software boost cloud-based intelligence in order to stop phishing. The system is sort of a community watch environment where users submit information about suspicious emails.

The objective of phishing is to trick unwary consumers into giving up personal information including credit card numbers, passwords, and other sensitive data. Despite many years of continued attempts to educate users about phishing, the crime continues to be one of the top factors for data loss for consumers and the enterprise. Quite often, these phishing attempts are the product of targeted attacks and sophisticated spam detection counter systems. One reason for this is that as we share more information online, we become more vulnerable to targeted attacks that steal data. This target-oriented approach is different than the shotgun approach of emailing thousands of people and trying to snooker them into giving up information. Because of opportunity and the pressure of countermeasures, cyber criminals are essentially stepping up their game and using advanced marketing techniques to get emails into your inbox. So while general spam and malicious emails can be effectively dealt with, cybercriminals are getting better at sending targeted email, so you may see more than ever before.

Another shocking aspect of this widespread phishing uptick is that malware and ransomware are two types of payloads that are on the rise. Effective countermeasures that take on this challenge are welcomed by the enterprise and consumers alike as phishing is a growing problem. Mitigating waves of attacks on even the smallest scale helps build the body of knowledge and awareness that is required to fend off the impact of large cybercrime operations. IronScales will take a unique approach of empowering employees to help block these attacks on a platform that protects the entire organization.

Edited by Kyle Piscioniere