Once upon a time in 1948, a country was born. The birth of this country wasn’t an easy one and is still fraught with challenges from her neighbors. This country is Israel. However, given her relatively short history, this country has proved to be a tough cookie to crack. As then, Prime Minister Netanyahu pledged in 2010, today the country is one of the top 5 leaders in cybersecurity. The country has made heavy investments and developed world class cyber-security technologies that almost anyone with deep pockets are interested in.
The worth of cybersecurity market globally
Cybersecurity is not just about protecting one’s e-mail accounts. It is to prevent unwarranted access to one’s personal digital assets, which includes bank accounts, social profile, pensions, etc. The worth of every single individual with a digital footprint is immeasurable. However, the worth of cybersecurity is. In 2017, this niche market is valued at USD 120 Billion. By 2024, this market will grow to USD 300 Billion, according to Global Market Insights, Inc. Effectively, this market has doubled its worth in 7 years.
Why Israel invests more in cybersecurity
Since biblical times, the land of Israel has been promised to kings and sought after by prophets. Today, it is recognized by the United Nations, but not many in the Arab world. Hence, the love-hate relationship Israel has with her neighbours means that she always needs to be on her guard. As a country that is relatively small and limited resources, Israel has a dire need to protect her borders on land, sea, air and the latest realm, cyberspace. Israel cannot afford to be complacent in any of this area. Any opportunity could lead to a full-scale invasion by foreign forces. Cybersecurity has the highest potential impact, as it can lead to mass panic and misinformation.
In all this chaos, there is also money to be made. Given the potential Israel has in developing latest cybersecurity technology, she can afford to sell or lease these to other countries and companies that share similar concerns. This is a great export opportunity for Israel, as it is simply bits of binary codes. The return on investment is immense, as the customers tend to be loyal and long-term.