Israel Discount Bank, which offers personal and commercial banking services, has tapped data security solutions provider nsKnox to fight the threat of cyber breaches.
The collaboration is said to have been triggered by the increase in cybercrimes’ scope and sophistication.
The Tel-Aviv based lender will utilise the vendor’s Cooperative Cyber Security (CCS) technology, which is designed to protect corporate payments and data.
The technology integrates the individual cyber security capabilities of multiple secured organisations and networks.
nsKnox CEO Nir Tenzer calls the initiative by Israel Discount Bank the first of its kind across the globe.
“Starting now, banks won’t only be protecting their clients’ money, they will also be helping protect their key digital assets, bolstering security in the market in general, and broadening their financial models,” Tenzer noted.
In announcing the tie-up, the bank cited a report by the Association for Financial Professionals.
According to the report, 78% of firms were affected by payment fraud in 2017.
Israel Discount Bank executive vice president, CIOO head of technologies and operation divisions Yaki Zano said: “Our goal at Discount Bank is to leverage existing assets such as our financial expertise and IT infrastructure, so we are excited to harness these capabilities to help protect corporate entities and other organisations from payment fraud.”
The latest partnership comes shortly after nsKnox’s $15m fundraising.
The Series A investment round was led by Viola Ventures and Microsoft’s venture fund M12.
They were joined by Israel Discount Bank’s investment unit Discount Capital.