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Israeli Cybersecurity Firms Raise $4 Billion in 2024, Driven by Cloud and AI Security Demand

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Israeli cybersecurity companies raised a record $4 billion in 2024, more than double the amount raised in 2023, fueled by increasing demand for cloud protection and artificial intelligence (AI) security solutions. According to YL Ventures’ latest State of the Cyber Nation Report, cybersecurity has rapidly become one of Israel’s fastest-growing sectors, contributing significantly to the nation’s economy, which depends heavily on high-tech industries. The sector now represents 20% of Israel’s economic activity, 16% of jobs, and more than half of its exports.

Despite geopolitical challenges, YL Ventures projects that Israel’s cybersecurity industry will continue to expand globally, with Israeli cybersecurity startups gaining recognition as dominant players on the world stage. The report highlighted that 2024 saw 89 funding rounds in Israel’s cybersecurity sector, with 50 of those rounds in early-stage (seed) funding, totaling $400 million. Global venture capital firms more than doubled their funding rounds compared to the previous year.

In the growth stage, which includes Series C and higher rounds, 16 rounds raised $2.9 billion—an increase of 300% from the $888 million raised in 2023. Overall, Israeli cybersecurity firms raised $1.89 billion in 2023. YL Ventures’ Andy Ellis believes that 2024’s funding activity signals a positive trend for 2025, with greater access to funding in early (A and B) rounds, larger investments in later (C and beyond) rounds, and a continued increase in seed-stage funding.

Ofer Schreiber, senior partner at YL Ventures, attributes Israel’s cybersecurity success to the country’s military intelligence expertise, which fosters a practical, results-driven entrepreneurial culture. However, the outbreak of war in October 2023, following an attack by Hamas militants, forced many tech founders into military service, creating operational challenges. Schreiber noted that cybersecurity founders had to adapt quickly to ensure business continuity amid uncertain economic conditions and a concerned customer base.

 

White House Launches Cyber Trust Mark for Smart Devices to Rate Security

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The White House has introduced a new initiative aimed at helping consumers assess the cybersecurity of internet-connected devices. The Cyber Trust Mark, a stylized shield logo featuring microchip-style detailing, will be applied to products such as smart thermostats, baby monitors, app-controlled lights, and other IoT devices. The label is designed to provide a quick, easily recognizable guide to the security of these devices, similar to food labeling by the U.S. Department of Agriculture or the Energy Star rating on appliances.

For a product to receive the Cyber Trust Mark, manufacturers must ensure their devices meet cybersecurity criteria set by the U.S. National Institute of Standards and Technology (NIST), verified through compliance testing by accredited laboratories. As more everyday products, from fitness trackers to security cameras and even ovens, become internet-connected, the potential for cybersecurity vulnerabilities increases, posing privacy and safety risks.

Anne Neuberger, the U.S. Deputy National Security Advisor for Cyber, emphasized that each connected device could become a potential target for cyber attackers. The Cyber Trust Mark is voluntary for manufacturers, but Neuberger hopes it will encourage consumers to prioritize security by choosing products with the label. She also suggested that consumers might demand the label when purchasing connected devices to ensure their privacy isn’t compromised.

Initially, the Cyber Trust Mark will focus on consumer products like cameras, with plans to extend to home and office routers and smart meters. Devices bearing the label are expected to appear on store shelves later this year. Additionally, the White House is preparing an executive order that will restrict U.S. government purchases to only those products carrying the Cyber Trust Mark, starting in 2027. The initiative has garnered bipartisan support.

 

Hacker Claims Breach of US Location Tracking Company Gravy Analytics

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An unknown hacker is claiming responsibility for a breach at U.S. location tracking company Gravy Analytics, with screenshots of the boast circulating online. The breach details remain unclear, but a Russian-language post and screenshots uploaded early Sunday to XSS, a site frequented by cybercriminals, allege that the company was hacked, and large volumes of data were stolen.

Gravy Analytics, which merged with Unacast in 2023, has not commented on the situation. Attempts to contact both Gravy and Unacast were unsuccessful, and Gravy’s website was down on Wednesday. The leaked data, around 1.4 gigabytes, has been reviewed by experts who have confirmed its authenticity, raising concerns that the breach is legitimate.

This hack follows recent scrutiny from the U.S. government over companies, including Gravy, that collect and sell highly detailed location data. The Federal Trade Commission (FTC) had previously settled with Gravy Analytics and another broker, Mobilewalla, over deceptive practices in gathering location data without proper consent. The FTC has raised alarms over the vulnerability of Americans’ sensitive data, especially in the context of targeted advertising and surveillance.