The Israeli government said on August 15 it is investing 90 million shekels ($24 million) to shore up the countryâs cyber security industry as a global leader.
Under the three-year programme companies dealing with high-risk research and development will be eligible to receive up to 5 million shekels a year. The programme will also help fund pilot projects in Israel and abroad.
âDespite significant investment from VCs who have expressed faith in the local cyber market, many companies face challenges in finding suitable sites to test their technologies,â said Aharon Aharon, head of the Israel Innovation Authority.
âThis new programme solves this issue and will significantly accelerate companiesâ growth and penetration into the global market,â he said.
Israel has about 5 per cent of the global market share in cybersecurity, second to the United States, and 16 per cent of worldwide investment in the cyber industry, according to government data.