Israeli cybersecurity industry’s fundraising up 70 pct in 2020

Hacks and cyber attacks are becoming an increasing common phenomenon.

The total amount raised by the Israeli cybersecurity companies soared by 70 percent in 2020 compared to 2019, despite the coronavirus crisis, the Israel National Cyber Directorate (INCD) said on Thursday.

According to INCD’s figures, Israeli cybersecurity companies raised a total of about 2.9 billion U.S. dollars in the past year, in more than 100 deals.

In addition, the annual Israeli exports in this field amounted to approximately 6.85 billion U.S. dollars in 2020.

The INCD noted that during 2020 the value of five Israeli cybersecurity companies surpassed 1 billion U.S. dollars.

Roi Yarom, director for economy and growth at the INCD, explained that “the pandemic has caused an unprecedented move to the online space, which led to many cyber threats and required all parts of the global economy to prepare.”

He added that “the growing threats have created additional opportunities for the Israeli cybersecurity industry, which has proven again in the past year that it is a national growth engine and an essential component of national resilience.”