POLITICAL RISK AUDIT: RADWARE LTD. (NASDAQ: RDWR)

SUBJECT: Political Complicity and Ideological Footprint Analysis

REFERENCE: GOV-AUDIT-2026-RDWR

DATE: January 17, 2026

1. Audit Scope and Methodology

1.1 Governance and Objective

This report constitutes a comprehensive forensic audit of Radware Ltd. (NASDAQ: RDWR), conducted to determine the entity’s “Political Complicity” regarding the State of Israel, the occupation of Palestinian territories, and the associated military-industrial complex. The objective is to move beyond superficial corporate social responsibility (CSR) statements and analyze the structural, operational, and ideological tethering of the corporation to state power. The audit operates under the “Governance Auditor” persona, utilizing a rigorous methodology to document evidence across four Core Intelligence Requirements (CIRs): Governance Ideology, Lobbying & Trade, the ‘Safe Harbor’ Test, and Internal Policy.

The ultimate deliverable is a data-driven classification of Radware on a complicity scale ranging from Neutrality (Level 1) to State Instrument (Level 4). This classification is not a moral judgment but a functional assessment of the company’s utility to state actors. The audit utilizes open-source intelligence (OSINT), corporate filings, executive statements, and technical threat advisories to reconstruct the company’s political geography.

1.2 The Concept of “Political Complicity” in Tech

In the context of the Israeli technology sector, political complicity is defined not merely by direct participation in violence, but by the “dual-use” nature of technology, the seamless transfer of human capital between intelligence units and corporate boardrooms, and the alignment of corporate foreign policy with state diplomatic objectives. This audit examines whether Radware functions as a sovereign commercial entity or as a privatized extension of the state’s security apparatus. The analysis focuses heavily on the “Zisapel Ecosystem”—the network of companies under the RAD Group umbrella—to understand how ownership structures facilitate the transfer of military capabilities to the private sector and back again.

.2. Governance Ideology: The Zisapel Dynasty and the Military-Industrial Pipeline

The ideological footprint of a corporation is often encoded in its genesis. Radware is not a Silicon Valley garage startup; it is a direct commercial spin-off of the Israeli defense establishment’s elite intelligence capabilities. The corporate DNA is inextricably linked to the Zisapel family, often referred to as the “Bill Gates of Israel” or the “founding fathers of the Start-Up Nation,” who effectively industrialized the transfer of military know-how to the global market.

2.1 The Foundational Mythos: Unit 8200 and the Commercialization of State Intelligence

The governance of Radware is dominated by the Zisapel family. Their biographies are not incidental; they represent the structural fusion of the Israel Defense Forces (IDF) and the private high-tech economy.

Roy Zisapel (CEO and Co-Founder):

The current President and CEO, Roy Zisapel, explicitly grounds his executive authority and technical expertise in his military service. Zisapel served as a team leader in Unit 8200 1, the IDF’s signals intelligence (SIGINT) corps. Unit 8200 is frequently compared to the US National Security Agency (NSA), responsible for collecting signal intelligence, code decryption, and cyber warfare operations. Zisapel has utilized this affiliation as a primary marketing tool, stating in interviews that “In the IDF, I was a member of the 8200 Intelligence Unit. This unit has produced presidents and CEOs of many of Israel’s leading hi-tech companies”.1

This governance profile suggests that the company’s leadership views their corporate role as a continuation of their military function. The “Unit 8200” brand is leveraged to signal competence to investors, but it also signals deep ideological and social integration with the security state. The transition from military intelligence to Radware is portrayed as seamless, with Zisapel noting that he brought his military understanding of technology directly into the commercial sphere.³ This creates a corporate culture where the distinction between “defense of the state” and “defense of the enterprise” is blurred.

Zohar Zisapel (The Late Co-Founder and Defense Architect):

The late Zohar Zisapel (uncle to Roy) was a titan of the Israeli defense establishment. Before founding the RAD Group, he served as the Head of the Electronic Research Department of the Ministry of Defense (MoD) in Tel Aviv.4 His contributions to state security were so significant that he was awarded the Israel Defense Prize in 1979.4 Zohar’s transition to the private sector established the model for the entire Israeli cyber-tech industry: the commercialization of state-funded military R&D. His governance role ensured that Radware and its sister companies remained aligned with the strategic needs of the MoD, creating a feedback loop where the private sector innovates on behalf of the military, and the military provides the “combat-proven” stamp of approval for exports.

Yehuda Zisapel (The Patriarch and Largest Shareholder):

Yehuda Zisapel, Roy’s father, holds the largest block of shares in Radware 5 and serves as the Chairman of the RAD-Bynet Group. His background includes degrees from the Technion – Israel Institute of Technology, the primary academic feeder for the defense industry. Yehuda’s governance influence extends beyond the boardroom into high-level industrial policy, having served as the Chairman of the Israel Electronics & Software Industries Association.6 In this capacity, he acts as a lobbyist for the integration of the tech sector with national economic and security goals.

2.2 Board of Directors Analysis: The State-Private Nexus

The composition of Radware’s Board of Directors reveals a network of affiliations that tie the company to the Israeli government, the academic-security complex, and the financial establishment. The board is not “neutral” or purely international; it is heavily weighted towards figures with deep roots in the Israeli state apparatus.

Table 1: Board of Directors – Political and State Affiliations

Governance Insight: The presence of Avraham Asheri is particularly significant. As a former Director General of the Ministry of Industry and Trade and a senior official in the Ministry of Finance, Asheri represents the state’s economic interest within the company. His tenure suggests that Radware’s growth strategy was developed in consultation with, or at least with the deep understanding of, government industrial policy. Similarly, Yair Tauman’s position at IDC Herzliya connects the board to the primary think-tank of the Israeli security establishment. IDC is known for its annual conference which sets the agenda for Israeli national security policy; having a Dean from this institution on the board ensures ideological alignment with the state’s strategic outlook.

2.3 Philanthropic Nationalism and the Technion Connection

A critical component of the Zisapel governance ideology is their “philanthropic” investment in the Technion – Israel Institute of Technology. In the context of the Israeli occupation, the Technion is not a neutral academic institution; it is the primary R&D laboratory for the IDF, developing technologies for aerospace, missile defense (Iron Dome), and cyber warfare.

The Zisapels have directed massive capital flows toward the Technion, specifically in fields with high military applicability:

Audit Finding: These donations function as “strategic capability building.” By funding the infrastructure of the Technion, the Zisapels ensure a steady supply of trained engineers who transition into the IDF (specifically units like 8200) and then into companies like Radware. This creates a closed loop of personnel and ideology, reinforcing the national strategy of maintaining a “Qualitative Military Edge” (QME) through technological dominance.

.3. Operational Footprint: Project Nimbus and the Bynet Nexus

While Radware presents itself globally as a civilian cybersecurity firm, an audit of its operational ecosystem—specifically through the RAD-Bynet Group and its direct contracts—reveals material support for the Israeli occupation infrastructure. The company functions as a crucial node in the state’s digital defense architecture.

3.1 The RAD-Bynet Ecosystem: The Sister Company Risk

Radware is a member of the RAD Group. To audit Radware, one must analyze the “RAD-Bynet” ecosystem, as these companies share ownership (Yehuda Zisapel), often bid jointly on projects, and share a common pool of technology and leadership.⁵ The separation between Radware (software) and Bynet (integration/hardware) is a legal convenience that obscures operational unity.

Bynet Data Communications and the Ministry of Defense (MoD):

Bynet, fully owned by the Zisapels, is a major defense contractor.

SecurityDAM and the Israel Police:

SecurityDAM was a sister company founded by Yehuda Zisapel, which Radware acquired in 2022 for $42.5 million.15 This acquisition internalized the legacy and contracts of SecurityDAM directly into Radware.

3.2 “Project Nimbus” and the Sovereign Cloud

“Project Nimbus” is the flagship $1.2 billion project to migrate the Israeli government and military IT infrastructure to a “sovereign cloud” provided by Amazon Web Services (AWS) and Google (GCP). The project is controversial because it contractually obligates the providers to service all arms of the government, including the Israel Land Authority (ILA) and the MoD, without the possibility of boycott or service denial due to political pressure.

Radware’s Role as Gatekeeper:

3.3 The “Cyber Dome” Initiative

Radware is a key player in the “Cyber Dome,” a national cyber defense initiative mirroring the physical “Iron Dome” missile defense system.

.4. The ‘Safe Harbor’ Test: A Geopolitical Forensic Analysis

A critical methodology for auditing political complicity in the 21st century is the “Safe Harbor” test. This test compares a multinational corporation’s response to aggression against Western allies (e.g., the Russian invasion of Ukraine) against its response to state violence perpetrated by its country of domicile (e.g., Israel’s occupation and bombardment of Gaza). This comparison reveals whether the company operates under universal human rights principles or nationalistic double standards.

4.1 Response to the Russia-Ukraine War (2022)

Following the Russian invasion of Ukraine in February 2022, Radware adopted a stance of moral activism and punitive disengagement. The company aligned itself strictly with Western sanctions and went beyond legal requirements to signal ideological support for Ukraine.

4.2 Response to the Israel-Gaza War (2023-2025)

In the aftermath of the October 7 attacks and the subsequent Israeli invasion of Gaza, Radware’s conduct shifted from “neutral multinational” to “national champion.” There was no suspension of operations, no condemnation of the scale of destruction in Gaza, and no reference to international law.

Table 2: The Safe Harbor Test – Comparative Data

Audit Finding: Radware fails the Safe Harbor test. The company applies a double standard: it wields corporate power to punish aggression by Russia but utilizes corporate power to shield and facilitate the military operations of Israel. This confirms the company’s status as an ideological actor aligned with the Israeli state.

.5. Lobbying, Trade, and “Brand Israel”

Radware participates actively in the “Brand Israel” strategy, which seeks to normalize the Israeli state by promoting its technological prowess while obscuring the military occupation that incubates that technology.

5.1 The “Cyber Soldier” Marketing Strategy

Radware’s marketing fetishizes its military origins. The company does not hide the fact that its intellectual property is derived from military intelligence; it highlights it.

5.2 Trade Associations and Lobbying

Radware is embedded in trade ecosystems that lobby for Israeli interests.

.6. Internal Policy and Human Capital

The internal culture of Radware is homogenized with the Israeli security state.

6.1 The Reservist Subsidy

The most significant data point regarding internal policy is the company’s support for reservists during the Gaza war.

6.2 The Absence of Dissent

While reports exist of employees at US tech giants like Google and Microsoft being fired for pro-Palestine protests ³¹, no such reports exist for Radware in the available data.

.7. Ranking on the Complicity Scale

Based on the evidence gathered across the four Core Intelligence Requirements, Radware Ltd. is classified as follows:

COMPLICITY SCALE:

RADWARE RANKING: LEVEL 4 (STATE INSTRUMENT)

Data-Driven Justification:

Radware transcends “Active Complicity” due to the structural nature of its relationship with the state.

Radware is not merely a company in Israel; it is a vital organ of the Israeli security state’s projection of power, both domestically and globally.

.8. Data Appendix

Table 3: The “Unit 8200” to Radware Pipeline

Table 4: Key State Contracts & Tenders (RAD-Bynet Group)

Table 5: Philanthropic & Ideological Investments

Works cited