Israeli Cyber-Security Firms Seek To Bolster Defenses Of UK Banks, Insurers

By Shoshanna Solomon, The Times of Israel September 19, 2017 2 minutes

London Big Ben Elizabeth Tower via Colin/Wikimedia

This article was first published by The Times of Israel and was re-posted with permission.

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 cyber-attacks.

Recently, firms like Aviva Insurance, BT, Goldman Sachs, RBS, Visa and others hosted 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.”

UK and Israel Flag via Colin/Wikimedia

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.

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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.