New Israeli regulations force businesses and non-profits to report serious hack attacks to the authorities. However, only two-thirds were reported in the first year of the law being enforced.
The new law came into force in May 2018. In the years since, Israel’s Privacy Protection Authority has handled 146 cybersecurity events. In only 103 of those cases the organizations informed the proper authorities, Calcalist, the news site, reported. The other breaches were reported by third parties.
Moreover, the authority believed more digital assaults had been made but had not been reported on.
The insurance and finance sector was the most affected one with 23 per cent of the attacks occurring in this sector. The data management and healthcare industry each suffered a ten per cent of the attacks. The education sector faced eight per cent and the internet sector seven.
Failure to inform the Privacy Protection Authority could result in a fine. The governmental body also have the power to suspend non-compliant organizations’ licence to hold a database.
RegTech Analyst recently reported that investment in the cybersecurity sector is on the rise. The percentage of cybersecurity investments in the RegTech field had risen from 14.4 per cent in 2014 to 20.9 per cent in 2018 before skyrocketing to 42.6 per cent in the first six months of 2019.
Part of the reason was that number of hack attacks has been on the rise. As a result, organizations – both businesses and non-profits – have realized the need to beef up their digital defences, according to the experts we spoke to.
