Former Mossad chief joins Israeli cybersecurity firm NanoLock

Former Mossad chief Tamir Pardo is joining Israeli cybersecurity startup NanoLock as a member of the company’s security advisory board, the company announced Monday.

NanoLock said in a statement that Pardo’s view on cyber threats “fits” well with the company and that the former Mossad chief, in office from 2006 to 2011, would be “decisive in supporting the development [de la société] in the United States, Europe and Japan, where it recently won new contracts with major customers”.

Founded in 2017, NanoLock secures connected devices for critical industrial infrastructure companies, such as those in the energy, water and transportation sectors, which are often state-owned. The Hod Hasharon-based company says it works with partners in Japan, Italy, Spain, Switzerland, the Netherlands, India, Singapore, Israel and the United States.

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“Cyber ​​attacks are incredibly dangerous as they can destroy infrastructure at low cost without weapons or rockets,” Pardo said in the statement. It is “crucial that we develop solutions that prevent hackers from carrying out their threats, regardless of the attack vector. »

He said he hopes to “help NanoLock evolve its offering to keep critical infrastructure around the world safe from threats.”

“With his decades of experience in intelligence and cybersecurity, Mr. Pardo’s added value to our advisory board will be significant as we prepare our clients for the increasing cyber chaos,” said Eran Fine, CEO and co-founder of NanoLock.

According to Israeli cyber company Check Point Security, cyberattacks increased by 40% in 2021 compared to the previous year and one in 61 organizations worldwide are affected by ransomware every week. The 2022 report estimates 900 cyberattacks per week.

Pardo joins Nanolock just six months after selling the company he co-founded, XM Cyber, to Germany’s Schwarz Group, a multinational retailer with about $140 million in reported annual revenue, for $700 million.

The company continues to operate independently and offers its products under its current brand and structure. The Herzliya-based company approaches cyber threats from a hacker’s perspective, and its automated advanced threat simulation platform identifies vulnerabilities, exploitable credentials, misconfigurations and users that could pose a risk to hackers.

XM Cyber​(XM stands for ex-Mossad) was co-founded in 2016 by Pardo along with Noam Erez and Boaz Gorodissky, both intelligence experts with 25 and 30 years of experience in the Israeli intelligence world.

These companies are part of the largest and fastest growing sector of the Israeli technology ecosystem, cybersecurity, with record revenues of around US$8.8 billion. According to Israel’s National Cybersecurity Directorate, eleven new unicorns — these private companies valued at $1 billion or more — emerged in 2021 in the cybersecurity space.

According to the same data, the funding recorded in 2021 [en Israël] represent 40% of the total funds raised by cybersecurity companies worldwide.

The Israel Export Institute estimates that Israel’s cybersecurity exports will be worth $11 billion in 2021.

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