Israeli cybersecurity is renowned for being well-positioned to be a solution that businesses and governmental organizations around the world look to for support. Israel is at the center of the global cybersecurity ecosystem; therefore, Israeli businesses play a significant role in the current global cybersecurity environment.
Start-Up Nation Central (SNC) has reported that the total amount of investment in Israeli cybersecurity companies reached $27 billion in 2021 and $15.5 billion in 2022, which should help to clarify the significance and scope of Israeli cybersecurity. These figures demonstrate the depth of Israeli businesses’ advancements in cyber security as well as the fact that Israel serves as a breeding ground for new businesses in the field.
In this article, we will focus on Israeli cybersecurity firms that cater to the banks & financial institutions industry, especially with ongoing digital transformation in the global banking and finance sector. Where it is not unexpected that the majority of these institutions ask Israel’s cybersecurity institutes for further collaboration. This rise in the sector makes Israel one of the world’s largest hotbeds of cybersecurity innovation.
ThetaRay: Governments face serious issues as a result of the widespread use of money laundering techniques which can cause these nations to fail to meet the international standards in various published annual index reports. That could lead some nations to restrict the kinds of financial activities they can engage in. But with a SaaS-based AI transaction monitoring system, ThetaRay is revolutionizing how financial institutions and payment service providers (PSPs) use data to their advantage. Banks and payment service providers (PSPs) must implement sophisticated solutions to identify financial crimes such as money laundering, fraud, and terrorism funding due to the increasing number of international money transfers, including online and app-based payments. Their full-stack solution makes use of big data experience, proprietary algorithm science, and the unbiased application of rules to give the best machine learning results while maximizing efficiency to discover anomalies with almost no false positives. As a result, banks and PSPs can reduce risk and expand high-value business while also optimizing transaction monitoring processes for both domestic and international payments and achieving regulatory AML compliance.
CyberArk: The industry pioneer in identity security is CyberArk, a company focused on managing privileged access. Offers the most complete security solution for any identity, whether it be human or automated, spanning business apps, remote workforces, hybrid cloud workloads, and the entire DevOps lifecycle. The top enterprises in the world rely on CyberArk to help secure their most important assets. For more than ten years, CyberArk has been an industry leader in protecting businesses from cyberattacks that hide behind insider access and target vital corporate assets. Today, only CyberArk is offering a brand-new class of targeted security solutions that assist leaders in stopping attack escalation before irreparable business damage is done, allowing them to stop responding to cyber threats and get ahead of them instead. Most of the 20 major banks in the world and nearly half of the Fortune 100 employ CyberArk’s privileged-account security solutions. Using data accessed by authorized privileged users on-premise, off-premise, or in the cloud, its award-winning software “locks up” vital IT infrastructure while monitoring and documenting every action. CyberArk which is currently listed on the NASDAQ was established in Petah Tikva in 1999 and has offices all over the world.
Check Point: With its headquarters in Tel Aviv, Check Point is a globally well-known cybersecurity business that has been creating flexible protection software since 1993. Checkpoint is now a pioneer in cybersecurity development and research, offering a larger range of products and services, such as cloud security, covering migration, compliance, and threat hunting. IoT protection, data center security, and zero trust are a few examples of network security. protection against attacks like phishing and ransomware, endpoint security, and more. The organization has also been addressing a variety of industries, including healthcare, retail, and education. Additionally, as they develop their infrastructures using cloud technologies and add more endpoints that need to be protected from cyberattacks, it has been assisting organizations of all kinds to strengthen their security. As a result, Checkpoint offers a range of solutions that address every aspect of a modern company’s architecture and shield both internal users and external clients from the effects of potential catastrophic cyber events like ransomware.
To preserve its lead over the rest of the world in cybersecurity, Israeli cybersecurity companies are still improving their capabilities to keep up with the global digital transformation that is occurring in all industries.
Article written by Faisal Alrashdi, Abu-Dhabi