Cybersecurity
The Challenge
The growing frequency of large-scale cybersecurity attacks on retailers and financial institutions is threatening New Yorkers’ privacy and exposing them to greater threat of identity theft. Securing public utilities as well as the financial sector are massive undertakings.
The Initiative
Following Equifax’s data breach in 2017, New York State has issued a first-in-the-nation cybersecurity regulation to secure the personal data of New Yorkers. Under this directive, a broad range of financial institutions operating in the state will be required to have a cybersecurity program to help protect data and systems. The NYCEDC announcement to bring Israeli companies in to manage its Global Cyber Center and HUB.NYC will help bring Israeli know-how to the heart of NYC.
Israel is a cybersecurity powerhouse.
Israel is a cybersecurity powerhouse with companies such as Check Point Software, which invented the first fire wall system, and CyberArk, which has close to 15% of the Global 2000 companies as its customers.
There are already 21 Israeli cybersecurity companies operating in NY, but significant additional potential of IS companies to contribute to the state’s cybersecurity initiative exists.
With the recent NYCEDC announcement, the foundation for growth has settled.
See More: NY-Israel Economic Impact Report