Area 1 Security announced on Sunday that it has secured $25 in growth funding led by new investor, GrowthPoint Capital.
The firm uses AI to find and eliminate phishing emails before they reach anyone’s inbox. This preemptive approach works with Google Suite and Microsoft 365 to add an extra layer of protection for cloud-based emails.
According to Venturebeat, an Area 1 Security spokesperson said that the company will use the money largely for research and development as well as expanding its go-to-market resources.
According to Verizon’s 2019 Data Breach Investigation Report, 95% of all data breaches get their foothold through phishing emails. Area 1 Security’s approach aims to filter out phishing emails before they reach the user so companies don’t have to rely on their employees’ ability to identify phishing emails before it’s too late.
Area 1 Security claims to have saved $233 million in “long con” BEC fraud in just a 12-week period earlier this year.
Phishing attacks have been on the rise in 2020 as criminals take advantage of coronavirus chaos to phish unsuspecting people. Earlier this month 15,000 Wells Fargo customers got phished as well.
The company also announced Patrick Sweeney as CEO. Sweeney has more than 25 years of executive and general management experience in high-tech, including successful runs with Dell and SonicWall. He was most recently the CEO of Talari Networks which Oracle purchased in 2019.
Navigating the new normal: A fast guide to remote working
A smooth transition will support operations for years to come
Putting a spotlight on cyber security
An examination of the current cyber security landscape
The economics of infrastructure scalability
Find the most cost-effective and least risky way to scale
IT operations overload hinders digital transformation
Clearing the path towards a modernised system of agreement
Get your CompTIA A+, Network+ White Hat-Hacker, Certified Web Intelligence Analyst and more starting at $35 a month. Click here for more details.