SMEs buckling under weight of cyber threats

A cybersecurity company focused on enhancing digital protection for small businesses, today launched a new service in response of a huge hike in the threat.

Guardz has launched its service, which offers to secure and insure small companies across the globe.

To do so it has raised $10 million in seed funding led by Hanaco Ventures, with participation from iAngels, GKFF Ventures, and Cyverse Capital. The funding will allow Guardz to expand its product, develop its cyber insurance line of business, and scale its go-to-market distribution channels.

“Hackers are acutely aware of small businesses’ cyber vulnerabilities; nowadays, it’s not a matter of if they’ll be targeted, but when. Our complete solution helps companies with lean IT, as well as MSPs, to combat these rising threats, and we’ve already witnessed tremendous results with the hundreds of small businesses currently secured by Guardz,” said Dor Eisner, CEO and Co-Founder of Guardz. “We have worked tirelessly to create a solution that not only impacts the security and longevity of businesses, but helps protect the ecosystem at large, and we are eager to continue developing our offering to secure further companies across the globe.”

Guardz added small businesses are the backbone of the U.S. economy, creating countless jobs, supporting local communities, and providing crucial services. Yet these small companies seldom have access to the same cybersecurity personnel, expertise, and resources as large enterprises.

“Most available cybersecurity solutions are too cumbersome to deploy, too complicated to understand and maintain, and too costly to obtain,” It explained. “As a result, small businesses are often left unprotected and without cyber insurance, making them prime targets for malicious cyber actors. Recent years have seen 43% of cyberattacks aimed at small businesses with nearly $7 billion in reported losses, resulting in service disruption, reputational damage, and revenue loss, and often leading to the permanent closing of doors.”

The platform has been created to deliver real-time cybersecurity protection and insurance for small companies, many of whom sit in high-risk industries possessing sensitive data, such as law, healthcare, financial services, retail, and more, the company explained.

“With the rise of Attacks-as-a-Service, the ongoing shortage of cyber talent, and the increasingly lucrative nature of targeting smaller businesses, the market is well-primed for a holistic cyber solution that addresses the unique challenges and imminent threats facing these companies,” said Alon Lifshitz, founding partner at Hanaco Ventures. “We are excited to take part in Guardz’s journey as it makes headway in addressing and alleviating the crisis of high cyber vulnerability for small businesses everywhere.”

“The rise and democratisation of ransomware and phishing attacks is hurting SMBs the most as they are currently the least protected, making this a huge and entirely underserved market,” said Shelly Hod Moyal, founding partner of iAngels. “With their first-hand experience building and commercializing successful cyber products, Dor Eisner and Alon Lavi are perfectly positioned to lead Guardz’s one-stop-cyber-shop for small businesses. We’re excited to partner with the Guardz team as they work to empower SMBs with the necessary tools to protect themselves.”