infotechlead

Israel to invest $24 mn to support cyber security industry

ddos-security-issues
The Israeli government is investing 90 million shekels or $24 million to create opportunity for the country’s cyber security industry to grow further.

Israel has about 5 percent of the global market share in cybersecurity, second to the United States, and 16 percent of worldwide investment in the cyber industry, according to government data.

Under the three-year program companies dealing with high-risk research and development will be eligible to receive up to 5 million shekels a year. The program will also help fund pilot projects in Israel and abroad.

“Despite significant investment from VCs who have expressed faith in the local cyber market, many companies face challenges in finding suitable sites to test their technologies,” said Aharon Aharon, head of the Israel Innovation Authority.

“This new program solves this issue and will significantly accelerate companies’ growth and penetration into the global market,” he said.

Latest

More like this
Related

Software firm Logezy exposes sensitive personal and employment data

A significant data exposure incident linked to Logezy, a...

Hertz discloses data breach involving file transfer supplier Cleo

Hertz Global has disclosed that a data breach involving...

DaVita faces ransomware attack, disrupting some of its operations

DaVita announced that it had been the target of...

MENA cybersecurity spending to hit $3.29 bn in 2025, up 13.7% from 2024

Information security spending in the MENA region is expected...