Israeli Cyber Exports Double in a Year

Israeli companies exported some US $6 billion in cyber-related products and services last year, a peak figure which surpasses the amount of Israeli defense contracts signed in 2014.

The latest data from Israel’s National Cyber Bureau (NCB) shows a surge in cyber exports from US $3 billion in 2013 to $6 billion last year. According to NCB, that constitutes about 10 percent of the estimated $60 billion global cyber market.

“The cyber market in Israel is growing at a very rapid pace,” said retired Maj. Gen. Itzik Ben-Israel, head of the Interdisciplinary Cyber Research Center (ICRC) at Tel Aviv University. “Last year, Israeli cyber exports constituted about 8 percent of the global market. This year it’s 10 percent. Since 2013, the number of cyber companies here grew by 25 percent. And investments in new start-ups grew by some 40 percent. That’s huge.”

According to NCB data, 30 Israeli cyber companies attracted collective investment of $200 million during 2014. And already in the first quarter of 2015, it notes that 10 Israeli firms received $90 million, a 40 percent hike compared to the same period last year.

Ben-Israel’s ICRC and the NCB, a part of the Prime Minister’s Office, will host their fifth annual Cyber Week, an international cyber security conference, at Tel Aviv University from June 22-25.

For the full article, click here.