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December 12, 2017

JPMorgan, HSBC, AmEx buy into malware defence technology

All industries have experienced the impact of malicious cyber activity, but none more so than financial services, routinely hit by the most attacks.

By Tom Ball

A group of major player in financial services including JPMorgan, American Express and HSBC are investing in Menlo Security, a provider of malware isolation technology.

These high profile organisations have been involved in a Series C funding round that has so far accrued $40 million, indicative of the popularity of the company’s offering.

While many security technologies focus on ascertaining the validity of incoming content, filtering out what is deemed to be a threat, the Menlo Security malware isolation technology prevents any direct entry.

JPMorgan, HSBC, AmEx buy into malware defence technologyThe technology is then designed to test and access all links and potential triggers, extract any malicious contents and then stream the processed, clean content to users within an organisation.

With cybersecurity threats and awareness at an all-time high and a concerning shortage of individuals possessing cybersecurity skills, many organisations are looking for a technology to lighten the load. The structure of this malware isolation technology from Menlo Security offers some peace of mind that attacks should not be slipping through the net unchecked.

Amir Ben Efraim, CEO, Menlo Security, said: “More than a million users at hundreds of companies are protected by Menlo, with zero infections to date… This has given the market tremendous confidence in our solution. Customers are demanding more durable approaches to malware prevention versus a long legacy of solutions that remain perennially vulnerable to the latest attacks.”

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It has been and continues to be impossible for organisations to claim to have impenetrable security, but security technologies  that automate processes may be able to significantly reduce the weight on organisations, particularly those facing the highest volumes in the financial services.

Rick Smith, Head of Private Investments, JPMorgan Chase, said: “JPMorgan Chase is pleased to continue to collaborate with Menlo Security on their pioneering approach to web and email security through isolation, helping to eliminate phishing attacks without disruption to our business.”

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