Source Defense Experiences over 250% Growth in 2020; Expands Global Footprint to Help Protect Retail, Financial Services and Healthcare Websites
New technologies, partnerships and employees power company growth as organizations work to protect users from formjacking and Magecart exploits
ROSH HA'AIN, Israel, Jan. 27, 2021 /PRNewswire/ -- Source Defense, the market leader in website client-side security, announced today it achieved for the second year in a row over 250% year-over-year growth in Annual Recurring Revenue (ARR) and an even higher growth in bookings, including multi-year deals. Leading brands across the US and UK in the financial, retail and e-commerce fields deployed Source Defense's flagship Prevention and Protection solution, VICE, to continuously protect websites from digital skimming, formjacking, Magecart attacks and other client-side threats.
Source Defense also earned major trust and validation from its customers with 100% customer retention (Zero Churn). The company expanded its talent pool and doubled-down on growth in its sales, marketing and support teams, welcoming 20 new employees across both Israel and US offices.
Throughout the year, Source Defense introduced its Client-side Security Platform and Website in-Page Protection solution (WiPP) to protect against 1st party scripts alongside the flagship product VICE for 3rd party Detection, Protection and Prevention. The company also extended new channels and alliances, beginning strategic relationships with Optiv, Tevora, Trace3, e92 Cloud, Tindo and other well-positioned Value Added Resellers and distributors. Established partnerships with major forces in the security industry, including Fastly, Signal Sciences, Outpost24 and the PCI Security Standards Council will enable Source Defense to deliver advanced website security to more organizations in 2021 onward.
"250% plus growth is just the beginning," said Source Defense CEO Dan Dinnar. "In the new reality of the shift to digitization and online, Source Defense is all in and fully understands it is more vital than ever to provide our customers with real website safety. We're looking forward to further accelerating this momentum into 2021."
Websites across industries saw a rising threat landscape in 2020. This landscape includes client-side attacks, which take place within a web browser as victims are shopping and occur at a rate of once every 39 seconds. Via formjacking and Magecart exploits, cyber thieves inject malicious JavaScript code into e-commerce websites to skim data from online checkout pages. Formjacking accounts for 87 percent of website breaches and there were 425 Magecart incidents per month last year, making these attacks a priority for boards and security teams of online enterprises in 2020 and beyond.
In 2021, Source Defense is looking to expand its platform and continue to deliver website safety for enterprises and its millions of website visitors. "With the ever-changing attack landscape, 3rd party and 1st party supply chain attacks are becoming a real threat to security teams' ability to meet industry regulations and standards. I know Source Defense will continue to capitalize on the massive market opportunity and successfully execute on aggressive growth objectives and partnerships," said Yoav Tzruya, General Partner at JVP.
Source Defense is currently protecting over 200 million visitors on customers' sites, detecting and securing hundreds of 3rd party scripts. As the only real time prevention solution for 3rd party scripts, the company saw tremendous momentum and growth in 2020, culminating in its recognition of Forbes Top 20 Cybersecurity Companies to Watch in 2020 and successfully launching its "Website in Page Protection" (WiPP) solution that protects websites from attacks originating from first-party code, insider threats and other vulnerabilities.
About Source Defense
Source Defense is the market leader in Client-side Security for websites, providing real-time threat detection, protection and prevention of vulnerabilities originating in JavaScript. The Source Defense patented Website Client-side Security Platform offers the most comprehensive & complete solution addressing threats and risks coming from the increased usage of JavaScript, libraries and open source in websites today.
The ADMIN management console, VICE sandboxing and WiPP data shield offerings utilize patented technology and are deployed by leading Fortune500 enterprises in the Financial, Retail, and Healthcare markets. Headquartered in Israel, with branches across the US and a strong community of global valuable partnerships, Source Defense is the most innovative, reliable and trusted partner in the fight against client-side attacks.
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Source Defense
Courtney Brady
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