European Commission Awards odix €2M to Deliver their proven ransomware protection technology to SMEs

Rosh HaAyin, ISRAEL — Cybersecurity firm odix recently secured a €2 million grant from the European Commission (EC) to bring their enterprise-grade cybersecurity technology to small to medium-sized enterprises (SMEs). The company was among the select ventures that were awarded funding as part of the EU’s Horizon 2020 SMEI research and innovation program.

“We are very proud to be amongst the top batch of selected companies of the EC, it’s a sign of great recognition and trust in our unique technology” said Dr. Oren Eytan, odix’s CEO & Co-founder. “our technology has a proven track record in preventing ransomware attacks where other technologies fail to do so. Our solutions have been successfully protecting our enterprise customers, and now it’s time for SMEs to get similar protection”.

odix focuses on file-based attack protection and offers next-generation solutions for disarming any malware including ransomware. Hackers and cybercriminals often disguise malware by embedding them in legitimate documents. Once an infected document is opened, the malware can then spread throughout an organization’s network and infrastructure.

Today, attackers are using polymorphic malware where the malicious code constantly changes, making it difficult to impossible for conventional solutions like antiviruses and sandboxes to detect the threats. odix’s patented technology is capable of deeply scanning files, disarm malicious code and generate a malware-free copy of the which can then be used safely. odix’s core based on TrueCDR (content disarm and reconstruction) technology ensures that the file isn’t converted to another file type during the sanitization process and that the document remains usable after.

odix aims to bring this technology to a wider audience by partnering with managed security service providers (MSSPs) that serve SMEs. The company looks to leverage the cloud in order to offer its various tools as Software-as-a-Service, allowing SMEs to avail of these functionalities through affordable subscriptions.

Smaller organizations are more exposed to attacks due to their meager investments in cybersecurity. A US Securities and Exchange Commission report states that at least 60 percent of attacks target SMEs with those with 250 employees or less bearing the brunt. While large enterprises typically have dedicated security teams and a host of security solutions, SMEs often have to make do with free antiviruses and personal firewalls which aren’t enough to mitigate today’s evolving cyberattack threats.

The company aims for odix to be the go-to solution in preventing file-based attacks for these organizations.

odix’s core technology has already been successfully used by top enterprises and governments to protect their infrastructures. Despite the explosion of malware and ransomware outbreaks over the past years like Wannacry, Petya and GandCrab, none of odix’s users were compromised by these attacks.

By awarding odix the Horizon 2020 grant, the EC shows that it trusts the company to enable SMEs in the region to be protected from rampant file-based cyberattacks.

About odix

odix provides comprehensive infrastructure and network protection against file-based malware attacks. It is a privately-owned company with offices in Israel, the US, and Luxembourg. The company was founded by Dr. Oren Eytan and David Geva who are former officers in the Israel Defense Forces specializing in cybersecurity. Among its clients are top brands like GE, Varonis, EIC (European Investment Bank), Dominion Energy, BAE Systems and Dun and Bradstreet.

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