Cyren's New Anti-Phishing Product Quickly Gains Market Traction
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Cyren's New Anti-Phishing Product Quickly Gains Market Traction

Tuesday, August 4, 2020 8:15 AM
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Cyren Inbox Security protects Microsoft 365 users from phishing and BEC attacks

McLEAN, VA / ACCESSWIRE / August 4, 2020 / Cyren (NASDAQ:CYRN), a provider of email security and threat intelligence solutions, disclosed today that its recently released Cyren Inbox Security product has achieved positive initial market traction with enterprise customers who have adopted the new cloud-based service to protect their organizations from the ongoing threat of phishing attacks targeted at Microsoft 365 (formerly Office 365) users.

Cyren Inbox Security was released in the second quarter of 2020 and is providing value to initial customers across a variety of industry verticals by detecting and remediating thousands of phishing incidents on a weekly basis. The common thread across all customers is the increasing rate of phishing emails that successfully penetrate traditional email security defenses, which typically are secure email gateways.

"There are other types of attacks we have to deal with, but phishing is completely out of control. We had an email gateway solution in place and were providing email security training, but we were still riddled with phishing scams," said Wendi Iglesias, CIO at The Keyes Company. "With Cyren Inbox Security, we're seeing a clear improvement in the detection of phishing emails. Overall, it's definitely reducing our number of successful phishing attacks and account takeovers."

In July, Microsoft obtained a court order to seize six domains that were used in illegal phishing operations targeted at Microsoft 365 customers, including campaigns focused around Coronavirus and COVID-19. Phishing emails are often designed to trick users into providing their corporate usernames and passwords which allow hackers to log into a corporate email account and launch a business email compromise (BEC) attack on unsuspecting colleagues who think the emails are legitimate. According to an April 2020 FBI public service announcement, such attacks have led to ransomware and wire fraud cases, and the FBI estimates that BEC attacks in the U.S. have contributed to more than $2.1 billion in losses.

Cyren's recent customer wins include:

  • An international beverage manufacturer rolled out Cyren Inbox Security to 10,000 users to address phishing across all of the organization's Microsoft 365 mailboxes
  • A large educational institution with thousands of Microsoft 365 accounts deployed CIS to protect business operations as well as educational users
  • A US-based real estate company with over 3,500 agents deployed CIS and experienced a signficant reduction in account takeover attempts and time spent resolving phishing incidents
  • A manufacturing company who was experiencing a serious ransomware attack, evaluated CIS and rolled-out to all its users within a week
  • A European software company, despite having an existing secure email gateway in place, deployed CIS in less than 7 days to address a serious ongoing phishing problem

"We are very satisfied with the early progress and market validation that Cyren Inbox Security has achieved in the market," said Lior Kohavi, Cyren's Chief Strategy Officer. "With phishing and BEC attacks on the rise and over 200 million Microsoft 365 mailboxes in production, we know there is a very large market opportunity for a phishing solution that can protect enterprises and eliminate down time. Cyren is focused on helping businesses reduce expenses from fraudulent activity as well as time spent wasted on incident remediation."

Cyren Inbox Security can be provisioned on any Microsoft 365 account in a matter of minutes. For more details on CIS features and benefits, to request a quote or to start a free 30 day trial, please visit https://www.cyren.com/inbox-security-free-trial.

About Cyren:

More than 1.3 billion users around the world rely on Cyren's cloud security solutions to protect them against cyber-attacks every day. Powered by the world's largest security cloud, Cyren (NASDAQ: CYRN) delivers fast time-to-protection with embedded threat detection, threat intelligence and email security solutions. Learn more at www.cyren.com.

Blog: http://blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc

Company Contact
Mike Myshrall, CFO
Cyren

+1.703.760.3320
[email protected]

SOURCE: Cyren Ltd via EQS Newswire

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