Just in time to throw a poolside Cabana party at the Black Hat conference, Chantilly, Virginia-based PhishMe Inc., a company that teaches security awareness to help users identify “Phishing” or targeted attacks, today announced that it has closed a $2.5 million Series A funding round.
PhishMe offers valuable service to organizations, especially those populated with unsuspecting “click happy” users that can put organizations at risk of data loss and malware infection, and also put their own personal identity and financial well-being at risk.
The company’s service helps change employee behavior in responding to targeted phishing attacks. So far, the company says it has trained over 3.5 million employees of government agencies, universities, and large enterprises.
PhishMe offers a “spear phishing simulator” that places employees in real-world “spear phishing experiences” and presents them with appropriate training if they are found to be susceptible.
In terms of putting the new cash to use, the company says they will use the funding to support expansion in the U.S. and abroad, to enhance sales and business development efforts, and to expand technology partnerships while continuing to enhance its product line.
Just this week, security firm Trend Micro released a report revealing that targeted attacks against individuals and organizations are on the rise. According to Trend Micro’s Q2 2012 data, focused attacks against SMBs increased 27% when compared to last quarter’s figures.
The funding round was led by Paladin Capital Group. As part of the deal, Christopher Steed, Vice President at Paladin Capital, is joining PhishMe Inc.’s Board of Directors.
“This strategic partnership will bring a new and unique perspective on cyber security to employees and users worldwide. We look forward to working with Chris and hope this will be a long and beneficial relationship,” said Rohyt Belani, CEO and Co-Founder, PhishMe. “At Paladin, we’re proud to support innovative companies like PhishMe that are bringing to market unique solutions that solve major, worldwide problems like security in the cyber age,” said Lieutenant General (Ret.) Kenneth Minihan, Managing Director at Paladin Capital.
“When you look at the largest data breaches that have occurred over the past few years, it is clear that defending our most vital assets cannot be accomplished through physical and IT security alone. PhishMe’s approach to using hands-on cyber security education and awareness to improve Internet safety behaviors is critical to combatting today’s most advanced threats.”