Cost of escalating cyber war against Israel.

During Cyber Week in Industry, organized by the Israel Hi-Tech Association of the Manufacturers Association, hundreds of senior Israeli industry executives, CEOs of companies and factories, and information security managers gathered for a conference focused on increasing preparedness and addressing cyber defense challenges. At the conference, Gabi Portnoy, the director general of the National Cyber Defense Authority, highlighted the state of the industry in Israel and emphasized the need for a “defensive cyber dome” to be created by the state.

Portnoy pointed out that while Israel has a low success rate of startups at 4%, the country still manages to be a significant player in the international cyber arena, with about 150 Israeli companies among the 500 unicorns in the field worldwide. He also discussed the impact of recent conflicts on the cyber field, noting that Hamas had intensified cyber intelligence gathering and Iran had increased its cyber attacks, including targeting hospitals.

In response to these challenges, Portnoy stressed the importance of creating defense layers akin to missile defense systems, advocating for the establishment of a state defense layer, or “cyber dome,” to prevent and mitigate cyber attacks. He emphasized the economic consequences of cyber attacks, estimated at approximately NIS 12 billion in damage per year, and the need for the state to intervene in bolstering cyber defense measures.

The Cyber Defense Readiness and Challenges Conference underscored the importance of integrating cyber risk management in all industry sectors and highlighted the complexity and challenges facing Israeli industry in various areas. The event aimed to enhance preparedness and resilience in the face of evolving cyber threats and emphasized the critical role of cyber defense in safeguarding industry operations and assets.