Israeli cyber industry records 70% growth in investments during pandemic

22_technology


With many businesses forced to move their activity online, cybercriminals step up their actions against the vulnerable targets

The cybersecurity industry in Israel recorded a growth of more than 70% in the volume of investments during the past year and coronavirus pandemic, following the growing demand for the protection of information systems against the background of the increase in cyberattacks, a report on one of Israel’s most powerful high-tech industries shows.

COVID-19 has forced many businesses and institutions to move their activity online, prompting cybercriminals to step their actions against the vulnerable targets, which in turn prompted potential victims to seek more security, including from Israeli companies.

Some countries have seen an increase of hundreds of percent in cyber attacks.

The Glilot Capital Partners, one of Israel’s leading venture capital funds, published a “map” that includes more than 120 major private cyber companies in the country, divided into 14 areas of expertise, including cloud protection, Internet and e-mail security, IoT, internal compartmentalization in enterprise computer servers, blockchain, privacy protection, intelligence, application security, identification and access management, system vulnerability analysis and more. According to Kobi Samborsky, managing partner at Glilot Capital, Israel is one of the largest cyber powers in the world with leading and groundbreaking companies in their field.

Israel is considered a global leader in the cybersecurity business, and approximately 25 percent of all global investments in cybersecurity go to Israel. Israeli companies signed the second-largest number of cybersecurity deals internationally, according to a report by New York data firm CB Insights published in April 2018. The US ranked first. Israel came in second place with 7%, ahead of the United Kingdom with 6%, Canada with 3%, and China with 2%, according to the report.

Israel has developed advanced security protocols, as cyber-attacks on Israel have risen exponentially in the past several years, reaching up to two million attacks against crucial Israeli infrastructure on a daily basis. Israel’s rise as one of the world’s leaders in cybersecurity has been boosted by cooperation between the military, government, education and private sectors, a level of partnership unmatched in the West.

Israeli cyber industry records 70% growth in investments during pandemic

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