REDWOOD CITY, Calif.--(BUSINESS WIRE)--Area 1 Security, the leader against phishing, today announced Pay-Per-Phish, the industry’s only performance-based cybersecurity solution. Unlike traditional solutions where customers are forced to pay without guaranteed results, Area 1 Security Pay-Per-Phish flips the traditional cybersecurity model on its head by charging $10 per phish actually caught.
“Companies invest millions of dollars in cybersecurity technology much of which is not protecting them or their customers from phishing attacks. It’s time for companies to pay only for solutions that work to safeguard their customers and preserve their license to operate. Area 1’s pay-per-phish is just that — a pricing model that aligns compensation with performance and changes the economics of being a bad guy on the internet,” said Ted Schlein, Managing Partner of Kleiner Perkins, a venture capital firm.
Pay-Per-Phish comes on the heels of Area 1 closing a 32M Series C, led by Kleiner Perkins with participation from Icon Ventures, DCVC, Top Tier Capital, Allegis Cyber and Epic Ventures, among others; to respond to the company’s record growth and increased demand for accountability in the cybersecurity industry.
“Our mission is to catch phish and eliminate the ensuing damages. Today we’re 99.9997% effective. I will continue to work and innovate until we’re 99.99999999% effective. Our growth is due to businesses moving away from solutions that were not designed to stop phishing comprehensively,” says Oren J. Falkowitz, co-founder, and CEO of Silicon Valley's Area 1 Security.
“I expect we will continue to see a dramatic shift in the way businesses think about cybersecurity investments,” Falkowitz continues. “The most dramatic effect of cloud computing is that customers demand to pay only when and if they successfully consume the business value of your products.”
By looking at phishing comprehensively and preemptively; and leveraging a cloud-native architecture, Area 1 Security has found great success in helping Fortune 500 customers secure their move to the cloud while supporting the needs of their global and mobile end-user base.
“The intensity and success of phishing campaigns will continue to increase and as we approach the 2020 Presidential elections there will be a blurring between political and corporate damages,” said Falkowitz.
The World Economic Forum recently released its report ranking cybersecurity as one of the top threats to the survival of civilization, alongside nuclear war and climate change. Most recent estimates put the cost of cybercrime at $2.1 trillion by 2021. Humans remain the weakest link, and until solutions get automated and preemptive, the future will remain insecure. Attacks contain information and sources appearing so real, some studies have found that as many as 9 out of 10 people cannot spot the phish.
“Area 1 stops phish—the attack that starts the attack in 95% of all cybersecurity incidents—and if a business's current solution doesn’t do that, and almost all do not, they have no value," warns Falkowitz.
About Area 1 Security
Area 1 Security is the first to bring
accountability to cybersecurity. Backed by top-tier investors, Area 1
Security is led by security, Artificial Intelligence, and data analytics
experts who created a preemptive solution to stop phishing, the number
one cause of cyber attacks. Area 1 Security works with organizations
worldwide, including Fortune 500 banks, insurance, and tech companies,
and healthcare providers to realign their cybersecurity posture for
combating the most significant risks, protecting customer data, and
stopping attacks before they happen. Area 1 Security is a recipient of
Inc. Magazine’s “2018 Inc.'s Best Workplaces” in America. To learn more
about Area 1 Security, visit www.area1security.com,
join the conversation at @area1security
or follow the blog
for the latest industry news and insights on how to stop phishing.
ABOUT KLEINER PERKINS
For five decades, Kleiner Perkins has
partnered with some of the most ingenious founders in technology and
life sciences, helping them make history with their bold ideas. Through
twenty venture funds and four growth funds we’ve invested $10 billion in
hundreds of companies including pioneers such as Amazon, Genentech and
Google. Today, Kleiner Perkins continues to invest in founders and their
bold ideas helping them to make history.
For more information, visit http://www.kleinerperkins.com and follow us @kleinerperkins.
