I work with a lot of companies, helping them increase sales and boost their online presence. And one thing that I realized is that Israel is huge on security. Clients in Israel are very cautious about their data and the data of their customers.
It’s a great trait to have.
But then I started to dig deeper and found out that Israel is at the forefront of the cybersecurity industry. Our startup nation continues to lead the way in technology, and it has helped Israel’s economy grow.
Cybersecurity is a field that continues to grow because there will always be new threats and non-permanent solutions to problems.
Israel’s government is also helping boost the industry through direct investments. Israel announced earlier in the year that the government was investing 90 million shekels into the industry. Israel receives the second highest proportion of investments in cybersecurity in the world. The government’s investment is a three-year program that offers high-risk activity research and development.
The investment will allow Israeli companies to test their technology and hopefully bring their solutions to the global market.
Startups are focusing on security more each year, with 70 new security startups in 2017.
Why is Israel one of the cybersecurity powerhouses? One thought is that the IDF and the requirement to join the IDF has helped form our culture. When a citizen leaves the military, they’re often eager to put their new knowledge to the test.
Cybersecurity is one of the ways that these former military members can put their hands-on experience to use. Universities are also helping spread the news of new research being done in Israel on security, helping investors view Israel as an important cog in the cybersecurity world. The United States is the only country above Israel in terms of cybersecurity investments.
VentureBeat notes that there are 166 cybersecurity startups in Israel with 16, a little under 1 out of 10, raising over $50 million.
Some of these companies are being sold, too. Israel firms sold in 2017 include Skycure and Fireglass. Exits reached $1.3 billion, as Israeli’s startup culture has started to push many of these cybersecurity companies forward. A startup culture allows cybersecurity firms to thrive because there are always security concerns that need new, innovative approaches to tackle.
This is going beyond the basic security of web hosting – it’s security that large-scale companies need to protect their user’s information.
Cyber security attacks continue to grow, helping to push Israel’s market further. But there’s still a lack of cybersecurity talent, so it’s a field that needs new startups, ideas and talent to fill the gap.
It’s the perfect time for any company that wants to focus on cybersecurity to open their operations, but Israel’s friendly startup culture makes it easier for Israelis to start their companies than in other countries.
Diversity in Israel is embraced, and even students in university have been encouraged to specialize in cybersecurity because the country views the industry as interdisciplinarity. This means that different approaches should be taken to tackle the problem.
An outside-the-box approach has been created, helping create a cybersecurity hotspot in Israel that shows no signs of slowing down.