Softline Seed Fund, a joint fund of RVC Seed Fund and Softline Venture Partners, has acquired a large minority share in Russian service PhishMan. Concurrently, the project was approved by Foundation for Assistance to Small Innovative Enterprises in Moscow and can rely on this structure to provide additional financing. PhishMan is a user-friendly protection system against phishing, one of the most dangerous kinds of Internet fraud designed to steal user's accounts .
PhishMan helps to deal with phishing through user training . By simulating hacker activities, the program sends e-mails with all kinds of malware and evaluates the follow-up reaction of recipients . If the user followed a link from a malicious letter, PhishMan will offer a personalized training . The program repeatedly sends out letters checking staff awareness.
While the majority of modern companies possess software protection kits against attacks on IT infrastructure, an average user have become a weakness in system of corporate security . It is a lot easier to hack a human than to bypass technical protection. Almost a half of all hacks start with phishing when the users willingly give out passwords by opening malicious emails and following unknown links . Moreover, quite a lot of companies underestimate such risk : Once a hacker has gained access to an employee's workstation, they can get hold of top managers' accounts and get access to financial data in mere hours . Damage caused by a targeted attack can exceed tens and even hundreds of millions of rubles, — says Nikolay Agrinskiy, CEO at PhishMan.
Softline Seed Fund uses the strategy of advanced development in the sector of data security. We are looking for new ways of dealing with new network threats and can offer user-friendly solutions. Over the last few years a number of hacks into IT system of large organizations have significantly increased. The most vulnerable hit is financial institutions . Therefore, investments in IT security are always reasonable. Thanks to PhishMan program, companies will significantly reduce the risk of data leakage and their business will be far better protected, — added Elena Volotovskaya, a Chairman of Softline Seed Fund Investment Committee .
RVC, OJSC is a state fund of funds, the development institution of the Russian Federation, one of the key tools in building its own national innovation system. The authorized capital of RVC is more than 30 billion rubles. RVC's capital is owned in full by the Russian Federation represented by the Federal Agency for State Property Management of the Russian Federation (Rosimushestvo). The total number of RVC funds has reached 21 with their total size of RUB 32.3 bn. The share of RVC is RUB 19.9 bn The number of innovative companies approved for investment by RVC funds has reached 195. The total volume of approved investments is RUB 18.3 bn. Since 2015, RVC OJSC has been defined as a project office for implementation of the National Technology Initiative (NTI) — the long-term strategy of the country's technological development, aimed at formation of new global markets by 2035.
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