Israeli cybersecurity investments jump 70% due to Covid-19
Israel’s cybersecurity industry accounted for 31% of global investments in the sector in the last year, second only to the United States.
Photo by Philipp Katzenberger on Unsplash
The novel coronavirus has prompted unprecedented cybersecurity threats in all parts of the economy, says Roi Yarom, head of industry empowerment at the Israel National Cyber Directorate.
Israel’s cybersecurity startups have jumped to the challenge – and in tandem posted a 70 percent growth in funding for 2020, raising a record $2.9 billion in 100 transactions.
Israel’s cybersecurity industry accounted for 31% of global investments in the sector in the last year, second only to the United States.
Illustrative image of the European Union and Israeli flags (Maksym Kapliuk; iStock by Getty Images)
The economic collaboration between Israel and the European Union has not come close to fulfilling its potential, particularly with regard to the tech sector, according to a first-of-its-kind report by the EU.
The authors of the report said European conglomerates are lagging behind their US and Chinese competitors with regard to both merger and acquisition deals and corporate investments in Israel, while VC engagement in the Israeli tech sector is low too.
Small and medium-sized European companies, which make up approximately 99.8% of all non-financial business in Europe and generate more than 50% of the EU’s gross domestic product (GDP), “are almost entirely absent” from the Israeli market, as they face “significant barriers” to being able to engage with the nation.
JERUSALEM, Jan. 21 (Xinhua) The total amount raised by the Israeli cybersecurity companies soared by 70 percent in 2020 compared to 2019, despite the coronavirus crisis, the Israel National Cyber Directorate (INCD) said on Thursday.
Industry accounts for 31% of global investments in cybersecurity sector, second in world, National Cyber Directorate says; Israel has 33% of global sector unicorns