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Austria’s Cybercrime Epidemic: Financial Institutions Under Siege

Cyber Threats Reach a Critical Point in Austria

Vienna - The cybersecurity landscape in Austria has reached a critical point, with the country experiencing a record high number of reported cybercrimes in 2022. According to the Federal Criminal Police Office, over 60,000 cases were reported last year, marking a 30.4% increase compared to 2021.

Growing Demand for Innovative IT Security Solutions

The increasing threat of cyberattacks has led to a growing demand for innovative IT security solutions from both the government and private sector. Austria’s cybersecurity market is expected to reach $745 million by 2028, with annual revenue growth projected at 10%.

Financial Institutions at Risk

Financial institutions are particularly vulnerable to cyber threats, making it crucial for them to prioritize cybersecurity measures. The Austrian government has established a Joint Cybersecurity Center, bringing together resources from the Federal Chancellery, Ministry of Defense, and Ministry of Interior.

SMEs Lag Behind in Cybersecurity Measures

Despite the growing threat, many small- and medium-sized enterprises (SMEs) in Austria are still minimally protected by cybersecurity measures, with limited IT budgets for services, software, hardware, and additional IT staff. The government has announced initiatives to raise awareness about cybersecurity and increase spending on IT security solutions.

Remote Work Accelerates Cyber Risk

The COVID-19 pandemic has accelerated the growth of remote work, posing numerous challenges for individual firms and increasing the cyber risk. Companies are focusing on securing mobile and personal devices, with CEOs and IT professionals reporting a higher or much higher cyber risk when working remotely.

Segmentation of Austria’s Cybersecurity Market

Austria’s cybersecurity market can be segmented into three main areas: SMEs, large companies, and government institutions. The country has a high risk awareness and continuous cybersecurity investment by government institutions and larger businesses.

Tips for U.S. Companies Entering the Austrian Cybersecurity Market

For U.S. companies looking to enter the Austrian cybersecurity market, consider the following:

  • Partner with an established reseller or systems integrator
  • Secure international ISO 27.000 series certification
  • Implement SCO audit reports to build trust among potential buyers
  • Refer to the European Commission’s website for public sector procurement contracts
  • Translate and adjust marketing materials into German, Austria’s national language

Upcoming Cybersecurity Conferences and Trade Shows

Austria will host several cybersecurity conferences and trade shows in 2024, including:

  • ASIS Europe
  • Cyber Crime Forum Wien
  • IKT-Sicherheitskonferenz
  • IT Security Herbst
  • tsa

These events provide a platform for U.S. companies to network with local stakeholders, showcase their products and services, and stay up-to-date on the latest cybersecurity trends.

Associations and Research Institutes Focused on Cybersecurity

The Austrian government has also established several associations and research institutes focused on cybersecurity, including:

  • Austria Trust Circle
  • KIRAS Security Research
  • Austrian Institute of Technology
  • SBA Research
  • Association of Austrian Software Industry
  • Cyber Security Austria

These organizations provide valuable resources for U.S. companies looking to establish partnerships or collaborations in the country.

Contact Information for Doing Business in Austria’s Cybersecurity Market

For more information on doing business in Austria’s cybersecurity market, contact Robee Sallegue, ICT and Cybersecurity Specialist at the U.S. Commercial Service Austria.