The Bulgarian Expansion Bridge (BEX) has released its latest report focusing on the rapid growth and future potential of Bulgaria’s cybersecurity ecosystem. The report highlights key trends, challenges, and opportunities shaping the sector as it evolves to meet rising digital security demands across various industries.
A Growing Cybersecurity Landscape
Bulgaria’s cybersecurity sector is predominantly driven by small and medium-sized enterprises (SMEs) offering critical services such as digital forensics, incident response, and managed security. While these services have been the backbone of the industry, the report reveals a new trend: a growing number of cybersecurity product companies emerging in the market.
“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,” said Miglen Evlogiev, President of the Bulgarian Cybersecurity Association.
Key Industry Highlights
Some key takeaways from the report include:
- Bulgaria’s strong ICT sector is a major contributor to the cybersecurity ecosystem, with the country’s well-established expertise in software development outsourcing.
- Major acquisitions have shaped the industry, such as Bulpos’s merger with ec4u, signaling growth and consolidation.
- Initiatives and communities like CyberCLUB and XAKEP.BG continue to support and strengthen the ecosystem, fostering collaboration among industry professionals.
However, as Georgios Kolovos, CEO of BEX, pointed out, the most exciting trend is the rise of cybersecurity product companies. “What’s interesting now is the start of development of product-based companies from those previously providing services, like Kikimora from the SoCyber team.”
Challenges in Education and Skills Development
Despite the positive developments, the report highlights that Bulgaria’s educational system has not fully kept pace with the demands of this fast-evolving sector. According to Pavel Georgiev, founder of Cyber Security Talks Bulgaria, “Cybersecurity education started around 4-5 years ago with the introduction of master’s degree programs at a few universities, helping IT professionals transition into the infosec field. Recently, bachelor’s programs related to cybersecurity have been launched, but there is still a lack of cybersecurity courses at the high school level.”
To bridge this gap, community initiatives like CyberCLUB and XAKEP.BG are providing additional support and resources. However, Bulgaria’s cybersecurity industry will need a more comprehensive strategy to compete successfully on the global stage.
A Look to the Future: Global Expansion
BEX is committed to driving the global expansion of Bulgarian companies, and plans to launch the CyberSecurity London programme in Q4 2024. This initiative is aimed at supporting Bulgarian cybersecurity firms as they scale internationally.
As Bulgaria continues to establish itself as a key player in the cybersecurity industry, BEX and its partners are paving the way for future growth, innovation, and collaboration, ensuring that the country is well-positioned to meet the challenges of an increasingly digital world.
For a detailed analysis, check out the full report.
