Area 1 Security released Pay-Per-Phish, the 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 growth and 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, CEO of 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 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.