CEDAR RAPIDS, IA – JULY 20, 2016– WatchPoint, based in downtown Cedar Rapids, IA, announced that is has launched CryptoStopper.io™, a new cybersecurity tool aimed at protecting businesses from harmful ransomware that infiltrates computer networks and hijacks valuable data. CryptoStopper.io™ is a bundling of innovative and proprietary traps designed to detect and isolate ransomware. CryptoStopper.io™ watches shared directories on a business’ network, and when the behavior of ransomware variants appear, CryptoStopper.io™ isolates the infected device and prevents the encryption of shared network files, minimizing the damage and allowing other employees to continue working. The new product garnered substantial early response with licenses being pre-sold in June. Since its official launch to the market on July 1st, 2016 WatchPoint has been onboarding a steady stream of new customers.
“We are really pleased with early demand. It is confirmation of the need for comprehensive and affordable cybersecurity and validates our assumptions of the market for our solution,” said Greg Edwards, Founder and CEO of WatchPoint.
Edwards, a serial tech entrepreneur, launched WatchPoint in 2015 after selling his former data backup and disaster recovery company, Axis Backup to J2 Global (NASDAQ: JCOM). While leading Axis Backup, Edwards and his trained team of data engineers saw firsthand the rapid increase in damage cyber criminals were doing with debilitating malware which resulted in high cost for vulnerable companies. Between 2012 and 2015, 1 in 5 of Axis Backup’s clients was affected by cybercrime. Edwards realized effective cybersecurity could save businesses costly downtime and compromised systems. In 2015, Axis Backup was acquired by J2 Global, freeing Edwards to create WatchPoint and focus exclusively on cybersecurity. The FBI predicts that cyber criminals will steal over $1B from U.S. businesses with ransomware alone in 2016 creating a need for solutions such as WatchPoint’s CryptoStopper.io™.
“Technology is changing rapidly and today’s cyber criminals are smarter and more malicious than ever,” Edwards said. “Companies have massive amounts of critical data and information that is accessible and vulnerable to attack. WatchPoint is dedicated to helping these companies maintain security and control over their data. Our solution is affordable to even the smallest of businesses and will save them money, time and in some cases, their reputation.”
WatchPoint was founded in 2015 and is headquartered in downtown Cedar Rapids, IA. WatchPoint’s endpoint security system is built using the latest real-time data capture technology, threat intelligence and analytics, and cybersecurity expertise to detect threats in an organization. Throughout each step in WatchPoint’s threat detection and alerting system, the company provides additional value by utilizing U.S.-based cybersecurity support experts that are ready to act on threats in real-time 24/7/365.