Small business software firm Womply is rolling out its cybersecurity solution designed to safeguard companies' online presence, the company announced on Wednesday (Aug. 8).
In a press release, Womply said it has fully launched its BizShield solution after 250,000 small businesses adopted the tool through its network of payments and banking partners. The solution provides actionable alerts to SMBs if a potential threat is detected, emphasizing the importance of protecting companies' online reputations and mitigating cybersecurity risks like phishing scams.
"Increasingly, the most damaging threats to revenue for small businesses are found online," said Womply President Cory Capoccia in a statement. "Most brick-and-mortar businesses have security systems to protect their physical property and credit monitoring for financial security, but they don't have a solution for online threat monitoring to manage their online presence and protect them from nefarious activity like phishing schemes."
The tool is designed for U.S.-based small businesses in particular, Womply noted, adding that cyber threats like phishing are not the only issues that can affect a company's online reputation. Incorrect information or negative business reviews found online can also impact revenues.
Small business owners must identify and manage these threats, Womply said. According to Capoccia, BizShield was designed to "adapt seamlessly to digital shifts in consumer trends and protect their businesses from bad actors seeking to obtain sensitive information."
Womply raised $30 million in 2016 from Sageview Capital as it prepared to ramp up product development. At the time, Capoccia said the company's mission is to "use technology and data to grow, protect and simplify small business." In addition to management of small businesses' online presence and cybersecurity, Womply provides analytics solutions for more informed decision-making, as well as other front-office tools.
Last year, the company published research on how small businesses are better able to grow if they are optimistic about the economy and current markets. Optimistic businesses are 3.5 more likely to expand staff and increase payroll, the company found.
"These findings suggest that the impact of small business confidence is enormous when aggregated nationally," the company concluded.