Financial Crime World

Bulgaria Cracks Down on Cybersecurity Threats to Financial Institutions Amidst Growing Digital Transformation

Bolstering Cybersecurity Infrastructure

In a bid to safeguard critical financial institutions and bolster its cybersecurity infrastructure, Bulgaria is investing heavily in IT security solutions and services. The country’s accelerated digital transformation, spurred by the COVID-19 pandemic, has created a pressing need for robust cybersecurity measures to protect against mounting threats.

Enhancing Cybersecurity of Key Sectors

The government is pouring significant resources into enhancing the cybersecurity of key sectors, including:

  • National Hybrid Cloud
  • e-Health systems
  • Telecoms
  • Banks

This initiative aims to create a secure environment for critical infrastructure and attract foreign investment in the country’s burgeoning tech industry.

Opportunities for US Cybersecurity Companies

US cybersecurity companies are poised to benefit from Bulgaria’s demand for expertise in building and maintaining cybersecurity infrastructures, incident response planning, risk assessments, and compliance consulting. They can also offer:

  • Secure cloud storage
  • Identity and access management
  • Data encryption solutions

to Bulgarian firms.

European Union’s Recovery and Resilience Plan (RRP)

The European Union’s RRP has allocated substantial funds for digital infrastructure development, registry reform, and the digitalization of railway transport. These projects are designed to increase the effectiveness of countering cyber incidents in both public and private sectors.

Bulgaria’s Investment in Cybersecurity

Bulgaria is allocating a significant portion of its RRP funding towards technological modernization and ICT solutions, including:

  • Cybersecurity measures aimed at supporting the implementation of digital technologies in enterprises
  • A national cybersecurity team composed of young people to represent Bulgaria at the European Cybersecurity Championship (EU Cybersecurity Challenge – 2023)

Creating a Secure Environment

By investing in IT security for critical infrastructure, promoting the adoption of digital technologies, and building a skilled cybersecurity workforce, Bulgaria is determined to create a secure and resilient environment for:

  • Government
  • Businesses
  • Individuals alike

For more information on opportunities in Bulgaria’s burgeoning cybersecurity market, contact Stanislava.Dimitrova@trade.gov.