NEWS
MedAware secures second year funding
from Israel Innovation Authority
M
edAware, a provider of algorithm-rich solutions for the detection
and elimination of prescription-related medication errors, has
announced that it has recently received approval for its second
year of funding from the Israel Innovation Authority. The financing
grant is a clear indication of the Israeli government’s support for
MedAware’s game-changing medication surveillance solutions, as
well as the company’s technological progress, roadmap and market
potential. MedAware’s medication surveillance technology was
purpose-built to eradicate catastrophic and costly medical errors by
leveraging its patented software to perform a real-time evaluation
of a prescribed drug against a specific and up-to-date patient profile.
The company’s advanced machine-learning algorithms mine data
gathered from millions of EMRs to detect outliers in prescription
behaviour that could potentially be fatal and immediately flag them
as life-threatening.
“MedAware is working every day to eliminate preventable deaths
in hospitals and clinics and, as such, we have worked to develop a
simple technology solution that can easily and accurately identify
potentially catastrophic errors related to prescriptions in real time,”
said Dr Gidi Stein, CEO and Co-founder, MedAware. “We are grateful
for the financing support from the Israel Innovation Authority and we
are equally appreciative of their guidance and direction as we look to
scale the reach and impact of our potentially life-saving medication
surveillance technology.”
MedAware intends to use the financing to expand its technology
offering, including developing additional machine learning-enabled
decision support solutions, as well as making ongoing product
enhancements to cover added types of catastrophic errors. In August
2017, the company announced that it had raised US$8 million in
Series A funding.
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The Bank of Israel clarifies cyber risk
management requirements
I
n recent years, the number of cyber incidents taking place at
financial institutions in Israel and abroad has increased. These
incidents generally cause tremendous damage and sophisticated
innovative attack methods are used which sometimes come from
external sources, including those in the banking supply chain.
Therefore, the banking corporation is required to take necessary
action to ensure its material external service providers follow the
steps to reduce the enterprise’s exposure to cyber risks.
The Banking Supervision Department has published a Proper
Conduct of Banking Business Directive on cyber risk management
in the supply chain, with the aim of clarifying the banking
corporation’s responsibility concerning the existence of a secure
working format with external suppliers, as well as its obligations
to properly manage cyber risks with those suppliers and in their
interfaces with the corporation.
According to the directive, the banking corporation is required to
set out principles for the obligations of material external suppliers
regarding cyber risk management and to make sure those principles
are adhered to. The directive also provides a detailed list of
accepted protections which the banking corporation must consider
integrating into contracts with external suppliers i.e. determining
how to delete the banking corporation’s data stored by the supplier,
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INTELLIGENTCIO
after completion of the contractual association between them. The
directive defines the reporting obligations of the relevant parties in
the banking corporation to management when there is a concern
that a supplier is exposing the corporation to cyber risks. Based
on this report and the risk assessment, management must decide
how to continue the association with the external supplier (such
as reducing activity, implementing compensatory controls in the
banking corporation, halting the association and so forth).
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