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Report on Business RBC investing $2-million in Israel cybersecurity research project

The Royal Bank of Canada says it will invest $2-million into cybersecurity research at Ben-Gurion University in Israel, a renowned global cybersecurity hub with a deep pool of talent from academic and military backgrounds.

The bank’s research collaboration with the university’s technology company called BGN Technologies will aim to further develop protection methods, including machine learning-based techniques to ward off threats.

RBC is the third Canadian bank to tap cybersecurity resources in Israel, as financial institutions look to fortify their online defences amid mounting threats.

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Toronto-Dominion bank in October announced it was opening a cybersecurity-focused office in Tel Aviv, and Scotiabank in December announced a partnership with Israeli cybersecurity company and incubator Team8.

RBC’s investment in cybersecurity also comes weeks after Bank of Montreal and the Canadian Imperial Bank of Commerce’s direct banking division Simplii said tens of thousands of customers may have had their personal and financial information accessed by hackers.

Both banks said they learned of the potential breach in late May and have offered free credit monitoring and vowed to return 100 per cent of any money lost by impacted customers through the incident.

The Canadian Press

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