September 10, 2017, 12:35 pm
UK banks, insurers and telecom companies will be looking to Israel for cyber-security solutions this week, as part of an effort by the British government to increase the protection of companies and institutions from cyberattacks.
Starting Monday, firms like Aviva Insurance, BT, Goldman Sachs, RBS, Visa and others will host 12 Israeli cyber-security startups in a series of events in London. The startups that will visit the UK are part of TeXchange, a program set up by the British Embassy in Israel that connects UK companies to “promising digital solutions.”
The past year has seen UK companies and public institutions such as the Parliament and the National Health Service hit by cyberattacks. A government report published in August showed that Britain’s top firms and charities “urgently” need to do more to protect themselves from online threats. The UK Israel Tech Hub, a team within the embassy, is seeking to address the threat by connecting British companies to Israeli technologies.
“Israel is a major world player in cyber security solutions, both commercially and in research,” said Ayelet Mavor, acting director of the UK Israel Tech Hub, in a statement.
There are some 400 Israeli cyber companies, and the local industry totals around eight percent of global cyber exports, she said. “UK companies can gain a competitive edge on their security needs by partnering with Israel’s cyber industry.”
TeXchange, organized annually by the UK Israel Tech Hub, has already resulted in more than 20 signed UK-Israel partnership deals. In previous years, TeXchange has focused on retail-tech, fintech, smart mobility and other areas. Hundreds of UK companies and over 60 Israeli startups have taken part in TeXchange activities so far, and this year’s program boasts the largest UK participation to date.
The Israeli companies participating include MindoLife, a startup that has entered a $20 million deal with India’s SAR Group.
The program will take place in London on 11-14 September, and is set to include pitching and networking events, tours to tech companies, meetings with potential investors and government officials.
The UK Israel Tech Hub is a public-private initiative founded 2011 and operating out of the British Embassy in Israel that aims to promote tech and innovation partnerships between the two countries. The hub has helped facilitate over 80 bilateral tech partnerships, with market worth of over £600 million, according to data provided by the embassy.