Financial Crime World

Cybersecurity Threats to Finance in Bulgaria

Bulgaria, a key location on the external EU border, is intensifying its efforts to enhance safety and security measures amidst concerns over cybersecurity threats to finance. The Bulgarian government has allocated significant funds to bolster border management and combat cybercrime.

Funding for Border Management and Cybercrime Combat

The country has received USD 107 million from the European Commission (EC) for migrant and border management under the EU’s national programs for the period 2014-2020. Additionally, Bulgaria is investing in modernizing its infrastructure and security equipment to join the Schengen Area.

Growing Concerns over Cybersecurity

Cybersecurity concerns are a growing concern for Bulgaria, with the country experiencing an increase in cyberattacks targeting financial institutions. To address this issue, the Bulgarian government has established the Cyber Crime Academy, which provides training and awareness programs for law enforcement agencies and financial institutions.

Measures to Enhance Cybersecurity

The country’s finance sector is also taking steps to enhance cybersecurity measures. The Bulgarian National Bank (BNB) has implemented strict security protocols to protect against cyber threats, including:

  • Regular penetration testing
  • Threat intelligence gathering

Challenges in Combating Cybercrime

However, despite these efforts, Bulgaria still faces significant challenges in combating cybercrime. According to a recent report by the European Union Agency for Cybersecurity (ENISA), Bulgaria ranks among the top five EU countries with the highest number of reported cyberattacks.

International Cooperation and Trade Events

To address this issue, international cooperation is crucial. The Bulgarian government has partnered with foreign experts and organizations to enhance cybersecurity capabilities and share intelligence on emerging threats. Several trade events are scheduled to take place in Bulgaria, providing opportunities for international companies to showcase their security equipment and services:

  • 26th International Specialized Exhibition SECURITY EXPO (March 2020 at the Inter Expo Center in Sofia, Bulgaria)

Assistance for American Companies

The U.S. Commercial Service in Sofia is available to provide assistance to American companies interested in exploring opportunities in Bulgaria’s cybersecurity market.

Contact Information

Contact Peter Delin, Commercial Specialist at the U.S. Commercial Service Sofia: