The Israel FinCy experience

The growing connection between finance and cyber sectors

Cyber Week, IsraelCybersecurity has become a worldwide concern. With the increasing use of networked computer systems, and the Internet of Things, the need grows to protect so much more than just the usual suspect – critical infrastructure.

The growing connection between cybersecurity and the financial services, banking and insurance is particularly worthy of attention. The Israel-Britain Chamber of Commerce (IBCC) has therefore been focusing its activities these areas over the past two years with a series of initiatives to create collaborations and conversations across the sectors. Located in Israel, the IBCC benefits from an outstanding ecosystem and a wealth of opportunities.

Israel, called the 'start-up nation' with over 450 cyber-security startups, is positioned as a leader in the field, with market share of 20% of related global trade. What is the secret? Israel is home to what some consider the greatest concentration of innovation and entrepreneurship in the world today.

In addition, Israeli security issues are posing daily challenges which require solutions. The cyber security successes Check Point, Palo Alto Networks and CyberArk were all founded by talent flowing out of the elite intelligence unit of the Israeli Defence Forces. Last year, 78 companies raised US$540 million, 40 global companies opened cyber R&D centers in Israel, including Microsoft and the British company ARM Holdings, which recently announced a new hub in Israel following its purchase of the Israeli cyber security company Sansa.

Fintech is one of the fastest growing areas in tech, which demonstrates the necessity of collaboration with the cyber security sector. The startups for digital banking solutions are already being recognized as the game changers of the banking world, but are also exposed to cyber-attacks which are already present, and which also pose a major threat to banks with the potential to result in huge financial losses.

The FinCy programme initiated by the IBCC is successfully creating meetings and cooperation between global financial institutions and fintech and cyber companies at various stages. 

Insurance is another sector that is developing an important connection with the Cybersecurity sector. As we all know, cyber attacks have become the greatest threat to businesses and their clients, Businesses are not only being challenged with risk management questions and acquisition of defense software, but also with the growing need to insure themselves against losses The insurance companies are challenged with the issues of how to identify and measure the risk, and how to price the policies. Everyone wants to reduce the risk and to be prepared with the right support for in the unfortunate event of a cyber-attack.

The IBCC is hosting a seminar, on these topics, with leading speakers in the industry form Israel and the UK at 7th international Cyber Week 2017, partnering with the Cyber week for the second year and demonstrating again  the crossover between the financial and cybersecurity sectors. The conference at the Tel -Aviv University, attracts 5,000 participants from 50 countries, including industry leaders, startups, investors, academics, diplomats, and government officials


The UK –Israel perspective

The UK is a preferred trusted partner for Israel in many areas and collaboration with Israel in tech has already created partnership and business in areas such as fintech, cleantech, digital health and more.

In a trade mission led by former Cabinet Minister Matt Hancock last year he said, “The UK’s world class companies and universities combined with Israel’s cutting edge technology and entrepreneurial culture is an unbeatable combination.”  

 

We should all welcome the special opportunity for further exploration of these important areas between the two countries, and further enhance the fantastic relations we are so blessed to share.

By Anita LeviantHead of LA Global Consulting and IBCC President

 

HMA David Quarrey, Bob the Robot and Anita LeviantDavid Quarrey, HM Ambassador to Israel, Bob the Robot and Anita Leviant

 

 

 

 

 

IBCC FinCy delegationIBCC's FinCy delegation with the Bank of Israel Cyber Security division

 

 

 

 

 

 

Please visit  www.ibcc.org.il for more information about the chamber.

 

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