Is Israel's privacy law equivalent to the GDPR?

Not identical, but the EU considers it adequate. Israel's Privacy Protection Law 1981 and the 2017 Data Security Regulations together create a framework the European Commission has recognised as providing adequate protection — allowing free data flows from the EU to Israel. However, the Israeli framework has differences: it uses a database registration model rather than a processing records model, its consent requirements are less granular than the GDPR's, and data breach notification is currently guidance-based rather than statutory. The proposed legislative update would narrow these gaps.