Mr Ben-Efraim said he has landed a contract with an undisclosed “major bank” in Australia pre-launch, and JPMorgan in Sydney and Melbourne is using its technology.
Going offline
While many financial institutions are investing heavily in security efforts, Mr Ben-Efraim said they’re largely going about it the wrong way.
“Most banks around the world have invested heavily in prevention and detection,” he said. “The problem is that the average time to detect a breach is six months. In six months they could have lost millions of credit card numbers.”
Instead, Menlo’s technology takes a different approach to battling phishing and ransomware threats, by allowing corporate customers to disconnect from the internet completely.
The technology disconnects and isolates company networks from the public web, while providing cloud-based access to all the information on the internet. Menlo claims its solution is “100 per cent effective”.
“The best way not to be attacked is to disconnect,” Mr Ben-Efraim said. “The problem is that the internet has become a critical part of modern society. So you need a method to still realise the benefits of the internet without being connected to it.”
