“We recognize an increase in the focus and effectiveness of attacks. Hackers today work in teams and act like a business organization for all intents and purposes to bring a return on investment to their efforts, ”said Dr. Yaniv Harel, SVP Cyber Defense at Signia. at a conference on the future of cyber and fintech in Israel.
Harel was one of the guests of MasterCard and the recently established ENEL X Finsec innovation lab in Be’er Sheva. Last week’s conference brought together representatives of start-ups, venture capital fund investors and other important industry players to discuss the challenges of the cyber and fintech industries and the latest trends.
As highlighted by Eran Levy, CEO of ENEL X Israel, the main objective of the laboratory is to implement projects in collaboration with startups through an accelerated process with the business divisions of MasterCard and Enel X. These projects will optimize accessibility of technology to the market thanks to an optimal “Product Market Fit” in the shortest possible time.
The conference brought together experts who presented the value they bring to startups in Israel and the need for innovative solutions to continue to dominate the industry in the country. Speakers included Rahav Shalom-Revivo from the Department of Cybersecurity, Emergency and Security Systems of the Ministry of Finance, who was also named in the fintech website LATTICE80’s “100 Best Women in Global Tech” list, Gil Arazi, founder and venture capital partner. fund FinTLV, Dr Yaniv Harel, SVP at Sygnia, Eran Levy, CEO of ENEL Israel and Omar Unger, CEO of MasterCard Israel.
Lab CEO Sydney Gottesman explained that MasterCard and Enel X both have global capabilities that have proven to be able to identify and lead true innovation. The lab allows the two companies to combine their resources, knowledge and efforts, and work with startups in Israel to advance the cyber and fintech worlds.
Gil Arazi, founder and partner of venture capital fund FinTLV, said “I wouldn’t say there is a ‘bubble’, but investors should pay attention to business models and invest in companies that have the potential. to become “Cash Positive.” Investors must keep an eye on investments and valuations. Arazi went on to say that he can predict at the first meeting the success or failure of entrepreneurs and whether they have “the killer instinct “and a thorough understanding of the business world required.” We are looking for entrepreneurs who have a record, even if they have failed in the past, but also know how to make changes in the process. ”
According to Rahav Shalom-Revivo of the Department of Cybersecurity, Emergency and Security Systems of the Ministry of Finance: “The ministry carries out unique activities that protect the cyber world in the financial system in Israel. The integration between the capacities of the Ministry of Finance, the cyber domain, and the financial sector in their support to Israeli fintech and cyber startups brings great added value.The advantage of the startup lab is expressed in its ability to support the laboratory and startups in which knowledge, expertise and relevant information can be shared, as well as connectivity between organizations nationally and internationally to promote this issue.
The Finsec Innovation Lab works in collaboration with the Israel Innovation Authority, the Ministry of Finance, the Financial CERT and the National Cyber System and focuses on innovative and breakthrough startups in the fields of fintech and cyber.