In a nutshell
- The Bulgarian Expansion Bridge (BEX) has launched its latest report on the development and growing potential of Bulgaria’s cybersecurity ecosystem.
- Bulgaria’s cybersecurity sector predominantly consists of small and medium-sized enterprises (SMEs) providing services like digital forensics, incident response, and managed security.
- The trend showcases growth of cybersecurity product companies, rather than those providing services.
Growth drivers and collaborative efforts in the country’s cybersecurity sector
Bulgarian Expansion Bridge (BEX), a business accelerator focused on empowering Bulgarian digital businesses as they expand globally, has launched their latest cybersecurity report. This spotlight on the sector in Bulgaria aims to highlight key industry trends, investment opportunities, and the collaborative efforts propelling the country’s cybersecurity sector forward.
“The Bulgarian cybersecurity market is set for steady expansion, driven by the rising reliance on digital platforms in sectors such as finance, telecommunications, and government services. This demand is further accelerated by EU regulations like the Digital Operational Resilience Act (DORA) and the NIS2 Directive, which underscore the need for robust cybersecurity measures,” Miglen Evlogiev, President of Bulgarian Cybersecurity Association.
Some of the key highlights in the report showcase the:
- country’s well-established ICT services sector, particularly in software development outsourcing;
- the acquisitions that marked the Bulgarian cybersecurity industry, including Bulpos’s merger with ec4u;
- initiatives and communities providing support to the ecosystem, including CyberCLUB, XAKEP.BG;
Bulgaria’s strong ICT sector, especially in software outsourcing, supports growth, fostering a favorable environment for both service and product-based cybersecurity companies.
Nevertheless, Georgios Kolovos, CEO of BEX, shared with The Recursive that what’s interesting now “is the start of development of cybersecurity product companies from those providing services e.g. Kikimora from the SoCyber team.”
Addressing educational gaps and fostering community initiatives
Bulgaria’s cybersecurity landscape is still developing and there are things that require improvement and better facilitation.
“Unfortunately, Bulgaria’s educational system has been slow to keep pace with this fast-developing sector. Cybersecurity education started around 4-5 years ago with the introduction of master’s degree programs at a few universities aimed at helping IT professionals transition into the infosec field. Recently, bachelor’s degree programs related to cybersecurity have been launched, but there is still a lack of cybersecurity courses at the high school level.” Pavel Georgiev, founder of Cyber Security Talks Bulgaria.
Currently, several cybersecurity communities in Bulgaria aiming to strengthen the sector, including CyberCLUB, XAKEP.BG, and the closed community \x4247Sec.
“This is a competitive industry and while there is a strong community initiative, a more holistic strategy is required to be successful on the global stage. BEX is committed to supporting the expansion of the Bulgarian companies into the global market and we are launching the CyberSecurity London programme in Q4’24,” he added.
Check out the full report here.
