The Israeli cyber security company Odix has launched FileWall – an advanced cyber security solution for the Small & Medium Business (SMB) market. The Odix solution is able to neutralize malware and protects against file-based cyber attacks, using technology that has hitherto been available only to larger corporations.
Looking deep into company’s statistical data Odix discovered that 90% of all transactions in the EU were made by SMB companies. Unfortunately, due to their lack of awareness, and shortage of funds to invest in protection, up to 60% of SMB companies that experienced significant cyber-attack actually went out-of-business within 6 months after being attacked.
According to a 2020 Data Breach Investigations Report produced by Verizon, an estimated 94% of all malware is sent by email, with 90% of it concealed in common file types such as PDF, Word, Excel, and Zip. Many of the complex and patent-pending algorithms used by Content Disarm and Reconstructions solutions (CDR) eliminate malware hiding in files which are seemingly legitimate, but which actually attack the organization when the user innocently opens the file.
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Odix’s CEO Dr. Oren Eitan explains: “Our era is characterized by much sharing of documents, videos, pictures etc., via many channels such as Emails, Zoom, WhatsApp, which are simply not protected at all. So, we created a Software As A Service (SAAS) version of our technology called FileWall, providing small and medium-size organizations with the same level of protection against malware as giant corporations.”
Odix has received a Euro 2 million grant from the European Union (EU) Horizon 2020 program, and FileWall was introduced as a security application with CDR to 250 million Microsoft Office 365 users, for an affordable subscription price of $2.4 per user per month. According to the company, 1 million email users fall victim to cyber breaches every month.
Odix partners with Microsoft’s prestigious Microsoft Intelligent Security Association (MISA) program with whom they are working on the company’s next development. FileWall is designed to work with existing Microsoft security solutions such as Exchange Online Protection and Advanced Threat Protection, in order to provide business customers with comprehensive content testing capabilities and neutralize file-based attacks. The plugin is available for use in the Microsoft AppSource business application store.
“Up until now we have launched FileWall Beta, and we were busy building our infrastructure,” Oren Eitan told Jewish Business News, “now we are ready to enter the market with contracts with the largest distributors and resellers.
Odix was founded in 2010 by Dr. Oren Eitan, former head of Cyber and Security Center in the Israeli army, and Dudu Geva, former commander of IDF 7th unit, both colonels in the IDF Reserves. The cyber services company was called Odi. During 2014, the company developed for the first time a new technology for neutralizing cyberattacks transmitted through files (file-based attacks).
In 2018, a split was made between Odi, which continues to provide services to the security-military sector, led by Dudu Geva, and Odix, which continues to focus on further developing and distributing its technological product in commercial markets, led by CEO Dr. Oren Eitan.
The company has 20 employees in Israel and has branches in the United States and Luxembourg that support the company’s customers in North America and Europe.
Based in Rosh HaAyin, Odix has raised $8 million in funds to date, and received 2 million EUR grant. The company is now raising an interim of $3 million on the Together platform. The company is planning significant further fundraising later this year.
Odix already has major clients in the U.S such Dominion energy, NRG, littlefuse, Countrymark, Vistra energy. And in Europe European investment bank, Israel ministry of Health, Timber exchange, Tekniska (Sweden), Harel insurance, Izola bank.
The company has significant Israeli clients, too, including Harel Insurance and Migdal Insurance, the Ministry of Communications and many more.