Israeli Security Start-up Raised $1.5MN to Simulate Phishing Attacks

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

More than 90% 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.”