Israel is well-known as a global cybersecurity pioneer and a vital innovation center for the creation of tools and resources targeted at combating cybercrime and managing the rising digital security threats that enterprises confront today.
Investors are fully aware of this.
According to the Israel National Cyber Directorate, the country’s cybersecurity industry received a record $8.8 billion in financing in 2021, and the Middle Eastern country is home to one out of every three cybersecurity unicorns in the globe.
It is not surprising, however, that many of Israel’s cybersecurity companies offer their goods and services not just to armies and intelligence agencies throughout the world, but also to private companies ranging from banks and FinTechs to online platforms and shops.
Israeli enterprises are heavily integrated into payment networks and technology thanks to Israel’s crucial position in the global cybersecurity ecosystem. In response, Mastercard established a FinSec innovation lab in the nation last year, with the goal of cultivating entrepreneurs working at the convergence of cybersecurity and FinTech.
According to the FinSec lab’s website, the incubation program will assist firms in developing solutions across a variety of sectors, including digital authentication, threat intelligence and detection, anti-fraud, and anti-money laundering.
Mitigation of Fraud and Chargebacks
With the help of excellent cybersecurity skills and thriving startup culture, Israeli firms are supporting digital payment systems all over the world, at both the service provider and merchant levels.
Just, an Israeli firm employs artificial intelligence (AI) to defend businesses from chargeback fraud. Most of the world’s largest payment providers, such as Visa and Mastercard, as well as current online payment providers such as PayPal and Stripe, may be connected with the firm’s technology.
