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Israel to Support Homegrown Cybersecurity Companies with $24.4 Million Investment

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Israel to Support Homegrown Cybersecurity Companies with $24.4 Million Investment

As part of a three-year plan, the government will invest in the development of new technologies and pilot programs

Meir Orbach  :  2018-08-15T11:54:00..

Israel’s Innovation Authority (IIA), its Ministry of Economy and Industry, and its National Cyber Bureau have earmarked NIS 90 million (around $24.4 million) for a three-year plan to support the local cybersecurity industry, the government entities announced Tuesday.

As part of the plan, the entities will invest up to NIS 5 million (approximately $1.35 million) in specific research and development projects, and between NIS 1 million and NIS 2.5 million ($271,000-$678,000) in pilots.

The entities will also invest in CyberSpark, a government-run non-profit dedicated to coordinate the country’s cybersecurity industry from Beer Sheva, a town in Israel’s southern desert region and home to Israel’s Ben Gurion University of the Negev (BGU). CyberSpark is a joint venture of Beer Sheva, the National Cyber Bureau, and BGU.

Aharon Aharon, head of Israel Aharon Aharon, head of Israel's Innovation Authority. Photo: Orel Cohen Aharon Aharon, head of Israel

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