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A report has revealed that there are in excess of 300 cyber security firms in Israel, meaning that the Middle Eastern nation, with regards to size, ranks only behind the U.S. for the scale of the sector.
The 2015 State of the Cyber Nation Report was produced by Iren Reznikov, Yoav Leitersdorf and Iren Reznikov from seed investment firm YL Ventures, and shows that exports from Israeli cyber security firms reached $6bn, equal to approximately a tenth of the worldwide cyber security market. That statistic has risen due to a growth in startups of close to 25%.
The authors of the report said that startups comprise 16% of all investments in Israel, accounting for more than 100% of the investment share that cyber security startups receive worldwide.
Startups in Israel are also proactive in raising capital. Thus far, around 15% of startups established last year have managed to secure seed finance, raising an average of $2.5m. The figure is a 25% rise compared to the $2m average seed secured by startup firms in the previous year.
The report said:
“This increase may be related to the growing participation of US venture capital (VC) firms, who have traditionally invested in companies in later stages. The average seed round in 2015 for a cybersecurity company with participation by a US VC was approximately $3.7 million.”
The UK could take a leaf out of Israel’s book with regards to taking cyber security more seriously. With the recent wave of high-profile data breaches, it is more crucial than ever for companies to revisit their IT security recruitment strategy.
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