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Today, software-as-a-service (SaaS) -based anti-phishing provider SlashNext announced the launch of SlashNext email protection for Microsoft 365. The phishing protection solution for Microsoft 365 users that it claims stops 95% more spear phishing attempts than other cloud-native email security services.
SlashNext’s solution scans emails in real-time to detect phishing scams and malicious content before it reaches end users.
This approach enables enterprises and decision makers to prevent users from being exposed to sophisticated phishing attempts, which contribute to 36% of breaches and to reduce the chance of them being manipulated into giving up sensitive information.
Controlling human risk
While employees are an organization’s greatest asset, attackers routinely target them with phishing attempts to gain a foothold in enterprise networks, knowing that a single click on a malicious link or email attachment can start an infection that spreads throughout the organization’s network.
In 2021, a survey found that 74% of employees said their organizations have fallen victim to a phishing attack in the last year, with 85% agreeing that phishing attempts are getting more sophisticated.
This highlights that most organizations are struggling to address phishing and social engineering attempts. The reason is that many of these attacks are too sophisticated for users to identify.
“Gone are the days when phishing emails were easily identifiable through poor spelling, bad logos and more. Today’s attacks are not detectable by the human eye and increasingly arriving from legitimate infrastructure. This means existing email security is missing up to two thirds of spear phishing attacks,” said Patrick Harr, CEO of SlashNext.
SlashNext aims to combat these complex phishing threats by intercepting emails and scams before they reach the end user to prevent them from being manipulated by an attacker and used to facilitate a data breach of BEC attempt.
“SlashNext Email Protection for Microsoft 365 has 99.9% accuracy in detecting phishing attacks and fewer than one-million false positives. It’s an added layer of security for people and organizations that sops email spear phishing attacks that other security tools miss,” Harr said.
Redefining email security
SlashNext is part of the global email security market, which researchers expect will reach a value of $6.8 billion by 2025 as organizations look to bolster their defenses against phishing-based threats.
One of SlashNext’s competitors is TitanHQ, with SpamTitan, an email security and anti-spam solution that can block zero-day phishing attempts, spam emails, malware, viruses and ransomware threats. TitanHQ alone serves over 8,500 businesses and generates more than $15 million in annual recurring revenue (ARR).
Another is Avanan Cloud Email Security, an email security tool that uses advanced AI to prevent phishing and malware attempts, which has over 4,000 customers and was acquired by Check Point for $300 million last year.
While SlashNext most recently raised $26 million as part of a series B funding round and achieved a total post funding valuation of $43 million in October of last year, the launch of a new email protection solution for Office 365 users will be a strong move for the organization in gaining ground against these competitors.
However, Harr argues that SlashNext’s multichannel protection capabilities are what will enable the solution to redefine email security.
“Our patented on-device and cloud AI allows us to provide customers multichannel protection and stop spear phishing, social engineering and other targeted threats across communication and collaboration channels,” Harr said. “This is unique to the market.”
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