In 2017, our lives exist on various digital networks, many of them combined and all of them containing personal and sensitive information. Your mobile phone, work computer and network, and even your car are all on-line and connected 24/7 which means we are also vulnerable to cyberattacks.
This past year there were numerous cyberattacks that made global headlines, such as the data breaches and ransom ware attacks on the national health system in the United Kingdom. But it isn’t just privacy at risk. The financial impact of cyberattacks takes a huge toll on a company’s bottom line. Consider the numbers:
- The average cost of a data breach is $3.6 million
- Global insurer Lloyd’s of London has stated that should a major cyberattack occur, it could cost the world economy $121.4 billion – the same cost as hurricane Katrina
If nothing else, these numbers show that cyber protection and protocols are vital for businesses, cities, and governments.
Israel as Cyber Savior
Israel’s cyber startup industry has been growing steadily and strongly over the past decade. “Cyber is a great business” said Benjamin Netanyahu, Israel’s Prime Minister, at the recent Tel-Aviv University’s 7th Annual Cybersecurity Conference. “It’s growing geometrically because there is never a permanent solution, it’s a never-ending business.” The Israeli cybersecurity industry is worth an approximate $82 billion and in 2016 Israeli cyber companies raised a total of $581 million – that’s about 15% of all the capital raised by the cybersecurity industry globally. Israel is also doing a good job convincing others to invest in their expertise which can be clearly seen with the more than 30 multinational companies opening R&D centers in Israel.
But why does Israel lead the way in an industry like cybersecurity? Threats to this tiny Middle Eastern country do not only come in the form of missiles or tanks. Israel is under continuous attack, digitally, to its infrastructure – everything from the power grid to the financial system is threatened. With years of practical experience, research, technology and man power to combat cyber threats, Israel has emerged as an unlikely world leader.
Israel’s well-known intelligence corps, Unit 8200, is the hub of the country’s cyber defenses. With decades of intelligence gathering and cybersecurity practice, Israel, and specifically the military, has become a sort of incubator for the industry. Many leaders of Israel’s more well-known cyber companies came from Unit 8200. The soldiers working in this unit gain practical, real-world experience that they then bring to the commercial world – it translates into major opportunity.
Israeli Cyber Technology and Companies Are Probably Saving Your Business
As we know, it is nearly impossible to predict when, how and where cyberattacks will occur. Some of the biggest cyber threats today include employee fault, ransom-ware, North Korea and other foreign entities, weak network security, and others. The good news is that Israel probably has a solution for these and a multitude of other threats.
Some of the more well-known Israeli cyber security companies to go global include Check Point, pioneers in IT security, who also have offices in Atlanta. ThetaRay provides advanced analytical solutions that enable clients to manage risk, detect money laundering schemes, uncover fraud, expose bad loans, uncover operational issues and reveal valuable new growth opportunities. Votiro provides solutions to safeguard against undisclosed threats through an active cleansing process to all incoming files and email messages, neutralizing undisclosed exploits. Finally GuardiCore provides internal data center security focused on delivering more accurate and effective ways to stop advanced threats through real-time breach detection and response.
Most recently, Symantec, a global software company, has announced it will acquire Israeli cybersecurity startup Fireglass for an estimated $250 million. Fireglass specializes in an area of security called “browser isolation,” a technology that creates virtual websites allowing users to browse any content without having viruses touch their network. Israeli cloud security company Adallom was acquired by Microsoft in 2015 for $250 million and CloudLock was acquired by giant Cisco in 2016 for $293 million.
Businesses must stay ahead of the threat, which is ever changing, and in order to do that, protocols must be put into place. Simply securing your network just isn’t good enough anymore. With the click of a button, any employee could destroy your entire infrastructure. Israeli knowledge and experience in cybersecurity has not only provided cutting-edge technology, but also teaches us to be proactive in our security protocols.