year old due post, last year when i went to israel alongwith DSCI, Govt of India as part of a delegation to Israel HLS 2014. Met tons of Political, technology folks of Israel in the meet, with few of our indian security geeks.
When i listened to the Minister of Economy Naftali Bennett about his past experience as security entrepreneur selling company to RSA for 145m$ and driving economy portfolio for israel, was floored about the country’s focus in insisting the importance of cyber security and entrepreneurship.
if we want to improve state of affairs as expected by PM Modi, to encourage indigeneous security product building, information security job creation, etc
FixNix is proud to be part of the Policy Working Group in India Cyber Security Task Force. We’ve not done much as elite participants except venting our frustrations, anger towards building many more billion $ product companies from our country like Israel.
Can India have more folks like Naftali in it’s government ministerial cabinets to key posts ? the guys who have been there & done that, not those theoretical gyaan guys..
If we get answer for the above question, we’ll be able to get billion $ Security Product companies out of our country. Have right young leaders who’ve the technological and political acumen as part of cabinets is the only right solution.
How many of us know who is the Principal Scientific Advisor of India now ?
Let’s keep our fingers crossed…
According to sources in the company, the minister still has holdings in Soluto, although he would not confirm this to reporters Tuesday. He did say, however, that “if true, I congratulate the company, and I am happy that another Israeli company has had a successful exit.”
Soluto is the second exit Bennett will benefit from. In 1999, he co-founded anti-fraud company Cyota, which was bought out by security company RSA in 2005 for $145 million. RSA was later acquired by US company EMC, and the former Cyota/RSA facility in Herzliya is today the EMC/RSA Anti-fraud Command Center.
Bennett missed out yet another tech success – Waze, which was purchased by Google earlier this year for over $900 million. Waze was established in 2009, about the time he decided to step down as Benjamin Netanyahu’s chief of staff. Returning to tech, Bennett was offered the Waze job, based on his success at Cyota — but he turned the job down, instead taking on an appointment as chairman of the Yesha Council, the precursor to the establishment of his Jewish Home party.
Bennett’s office confirmed the story in a statement last June, saying that “Economy Minister Naftali Bennett was offered the job of Waze CEO after the company he owned was sold but he preferred to devote himself to public life.”
RSA Security on Monday agreed to buy anti-fraud software company Cyota for $145 million in cash. RSA will pay up to $136m. for all of Herzilya-based Cyota’s shares outstanding; $5.5m. to fund a three-year retention pool and at least $3.5m. to assume all of Cyota’s outstanding stock options. Once the deal is closed, which was expected to take 30 days, Cyota would operate as unit of RSA and retain its management and workers. “We fight the fraudsters of the world. We protect the customers of banks when they make acquisitions over the Internet,” Cyota Founder and Chief Executive Naftali Bennett said in a telephone interview. “We will be responsible for the consumer business of RSA and this is the strategic logic of the acquisition.” Bennett noted, however, that Cyota did not pursue a sale. “We did not go out to be sold. Four different companies approached us over the past few months. Now we get a deep pocket and strong backing that will allow us to grow and capture the consumer market.” Cyota says on its web site that its technology has reduced online banking fraud by 80 percent and that its anti-phishing service has reduced the lifespan of a phishing attack from six days to five hours.