Over the past decade, Israel has risen to become a force to reckon with when it comes to cybersecurity. With many innovative companies leading the cybersecurity industry, Israel has become a destination to many high tech companies seeking to protect their operations from cyberattacks.
The Israeli cybersecurity industry is growing from a ground of ‘many companies trying out innovative security ideas’ to the ‘hallmark of cybersecurity business.’ Thus, Cybersecurity in Israel thrives on sifting through the throng of startups, selecting only two types of startups: potential unicorns and actual unicorns. The idea is geared toward the sustainability of the industry through provision for the best of cybersecurity services – and it is paying off.
Google has announced the acquisition of Siemplify, an Israeli cybersecurity firm, its major cybersecurity investment in the country. The $500 million deal has been confirmed by both companies according to a report by Israeli media outlet Calcalist.
SOAR (security orchestration, automation, and response) platforms focus mostly on playbook building and automation, but Siemplify specializes in end-to-end security services for enterprises. The company’s Security Operations Platform is designed to be “the operating system” of the SOC (security operations center). This means, Siemplify was designed to manage the entire security operations function from end to end.
Google, looking to secure its operations in cloud-based computing, sees the startup as an ideal partner.
Under the deal, Siemplify’s 200 employees in Israel, the US, and London, who will join Google. The internet giant will use Siemplify to form the basis for its cybersecurity operations in Israel, forming part of its cloud activity. Siemplify’s co-founders will also continue at the company.
“The Siemplify platform is an intuitive workbench that enables security teams to both manage risk better and reduce the cost of addressing threats. Siemplify allows Security Operation Center analysts to manage their operations from end-to-end, respond to cyber threats with speed and precision, and get smarter with every analyst interaction. The technology also helps improve SOC performance by reducing caseloads, raising analyst productivity, and creating better visibility across workflows,” Sunil Potti, GM of Google Cloud Security, wrote in a blog post announcing the acquisition. “Our intention is to integrate Siemplify’s capabilities into Chronicle in ways that help enterprises modernize and automate their security operations.”
Siemplify, which was founded in 2015 by Amos Stern (CEO), Alon Cohen (CTO), and Garry Fatakhov (COO), has raised $58 million over four rounds to date, with Israeli VC G20 Ventures, the company’s largest shareholder. The investments largely came from companies within, not outside Israel.
The acquisition also comes as a part of Google’s pledge to help protect the US from cyberattacks. In august last year, Google CEO Sundar Pichai promised the US President Joe Biden, that the company will invest $10 billion in cybersecurity over the next five years. The US has been exposed to multiple cyberattacks in 2021, including the Colonial Pipeline, an oil pipeline system.
The US government is onboarding the help of tech giants in its fight against cyberattacks. Google’s promise to get involved means the company will need to expand its cybersecurity apparatus.
This includes expanding zero-trust programs, helping secure the software supply chain, and enhancing open-source security. Part of Google’s plan is to train 100,000 Americans in fields like IT Support and Data Analytics, learning in-demand skills including data privacy and security, according to Calcalist.
The plan also involves expanding acquisitions and investments in cybersecurity. Google has already invested $50 million in another Israeli cybersecurity company, Cybereason, last year. Israel’s dynamic cybersecurity industry presents opportunity for further acquisitions by investors from outside, especially the United States.
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