Intelligent CIO Europe Issue 4 - Page 16

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. ////////////////// 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, 16 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).