Ironscales, a startup developing a platform to prevent and detect AI phishing, today completed an extension of its Jump Capital-led Series B round by $ 8 million, bringing the total to $ 23 million. According to a spokesman, Ironscales plans to use the funds to further accelerate growth through market expansion and ongoing research and development of its email security platform.
According to a 2019 Verizon report, nearly a third of all data breaches involved phishing in one way or another. This is likely because users tend to fall for such attacks. KnowBe4 reports that 38% of employees who do not complete cyber awareness training fail phishing tests. The problem is that the pandemic appears to have made the onslaught worse. Companies like Google suggest that millions of COVID-1
Ironscales, a graduate of the Israel-based 8200 EISP incubator, whose founding team includes alumni of the Intelligence Technology division of the Israel Defense Forces, uses what is known as hybrid human intelligence – a combination of machine learning and intelligence tools for security professionals – to suppress phishing attempts in the Germ. The company’s platform integrates with Office 365, Exchange and G Suite and benefits from insights from spoofing attempts, security breaches and security incidents that are anonymously shared by certified analysts.
Ironscales’ IronShield is a cloud-based protection module that uses AI, sandboxing techniques, and malicious URL and link detection to protect against real-time malware, credentials, account hijacking and phishing websites. Suspicious emails are forwarded to third parties for analysis and trigger responses if found to be malicious, while computer vision algorithms collect login pages to determine if they are legitimate.
IronSights adds fingerprint technology to IronShield that identifies anomalies based on factors such as IP addresses, communication contexts and other metadata. It works well with Ironscales ‘composite module, which logs details of phishing attacks and directs users across Ironscales’ customer base to emails with a similar pattern. When a match is found, Federation communicates with IronTraps, Ironsights’ automatic forensics and incident response service, which blocks or corrects attacks from inboxes across all endpoints.
Ironscales’ IronSchool provides security awareness training for employees, starting with a rating that assesses their ability to detect phishing attempts. Based on their results, they will be guided through short courses consisting of staged and real-life phishing attacks to raise awareness of malicious email messages. In the meantime, security teams can draw on the wisdom of Themis, Ironscales’ AI-powered virtual assistant who continuously learns from tens of millions of emails each week. Themis takes “dozen” different phishing protection decisions and criteria into account when deciding on an incident response plan and can make and implement its decisions automatically, while adhering to the integrated level of trust and company guidelines.
Over the past year, Ironscales added natural language processing algorithms to detect business compromise email attacks such as non-specific task requests, employee availability checks, and gift card requests. Phishing Emulator was also introduced, an automated solution for Office 365 that enables users to assess a company’s email defenses by coordinating real, unchanged attacks that bypass secure gateways and authentication protocols.
Ironscales, which has raised nearly $ 30 million to date, has employees in Tel Aviv, across Europe and at its North American headquarters in Atlanta. It is claimed that more than 1,000 security professionals worldwide are using their tools, and the number of employees is planned to more than double in the coming months.