Nir Tenzer, CEO, nsKnox

Israel Discount Bank and the data security solutions provider,nsKnox, have entered into an agreement wherein the bank will utilize nsKnox’s Cooperative Cyber Security(CCS) technology.

The agreement, that comes after the rise in the scope of cybercrime, will facilitate the participation of Discount Bank in nsKnox’s network. This, according to the supplier, will help leverage the bank’s existing security capabilities. The CSS provides an approach to protecting corporate payments and data. The technology involving combining the individual cybersecurity capabilities of a number of secured organizations and networks, making hacks significantly more challenging than just penetrating a single organization.

“This groundbreaking initiative is the first of its kind in the world. For the first time ever, a significant financial institution is providing Cooperative Cyber Security services. 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,” said nsKnox CEO Nir Tenzer. “I am thrilled to enter this agreement with Discount and believe it will be a springboard to other such agreements in Israel and throughout the world.”

Recently, nsKnox announced the completion of a $15 million Series A funding round with the participation of Discount Capital, the investment arm of Israel Discount Bank. The round was led by Viola Ventures and M12, Microsoft’s venture fund and included other private investors.

“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 organizations from payment fraud,” said Yaki Zano, Executive Vice President, CIO Head of Technologies & Operation Divisions, Israel Discount Bank. “Our cooperation with nsKnox’s industry-leading team has created a win-win situation as we offer advanced fin-sec technology to the general public to prevent fraud and embezzlement.”

Founded in 2016, nsKnox is a fintech-security (FinSec) company which invented the field of Cooperative Cyber Security (CCS) to offer an approach to protecting corporate payment systems against insider threats, cyber-fraud and data manipulation attempts.

by Megha Bhattacharya
Market Analyst at IBS Intelligence