CONFRONTING THREATS
Citigroup and Microsoft join up with Israeli cybersecurity group
Cybersecurity group Team8 has raised more than $92m and plans to launch two companies in 2017
Jerusalem — Team8, founded by veterans of an elite Israeli intelligence unit to solve what they consider the world’s most pressing cybersecurity problems, welcomed Citigroup and the venture arms of Microsoft and Qualcomm into its syndicate. The group, which has raised more than $92m, plans to launch two companies in 2017. Existing portfolio companies Illusive Networks, which entices hackers to trigger an alarm by planting false data, and Claroty, whose platform secures critical industrial infrastructure, generated $22m in sales in 2016. Security breaches are growing increasingly sophisticated. At the end of 2015, hackers took out power in the Ukraine. In February 2016, more than $80m was stolen from Bangladesh’s account at the Federal Reserve Bank of New York. US intelligence services recently said Russia was behind hacking during the 2016 US election campaign, which disproportionately affected the Democratic Party. "We aren’t talking about more of the same," Nadav Zafrir, co-founde...
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