Financial Crime World

Bulgaria’s Cities Boast R&D Hubs, But Cybercrime Thrives Amid Rapid IT Development

SOFIA, Bulgaria - As the Bulgarian government continues to develop its research and development (R&D) centers, software development hubs, and service and shared centers for leading global companies, the country is also grappling with a growing concern: cybercrime.

The Growing Concern of Cybercrime

According to a recent report, around 57 percent of Bulgarian organizations were subject to cyberattacks once a day or once a month, with cyber-attacks against Bulgarian businesses increasing by 20 percent. The government has responded by adopting a National Strategy for Cybersecurity, “Cyber Resilient Bulgaria 2020,” aimed at providing better protection for citizens, businesses, governments, and critical infrastructure.

Rapid Development in IT and AI

Bulgaria’s rapid development in IT, AI, big data, and communication has attracted significant investment opportunities, with the country signing a memorandum of understanding with NATO to foster international collaboration on countering cyber threats through information- and capability-sharing, as well as joint participation in cyber exercises. The legal framework was harmonized with EU legislation, providing numerous investment opportunities for foreign companies.

Public Safety Projects and Opportunities

In response to growing concerns over public safety, several cities in Bulgaria have implemented video surveillance systems. For example, Sofia monitors pedestrian areas, major crossings, and traffic safety with more than 3,000 cameras. The government has also launched initiatives to upgrade public safety and traffic safety, as well as develop intelligent transport systems and UAV management.

Security Companies and Industry

Bulgaria is home to over 3,200 registered security companies, with the majority being small and medium-sized businesses providing centralized security services through monitoring centers and vehicle patrols. The country’s leading security companies belong to the National Association of Trade Security and Security Companies (NAFTSO), which employs over 22,400 people.

Trade Events and Resources

The Bulgarian government has announced several trade events and exhibitions in the coming year, including:

  • INTERNATIONAL DEFENCE EQUIPMENT AND SERVICES EXHIBITION HEMUS 2024 in Plovdiv
  • Partner-Defence exhibition 2023 in Belgrade, Serbia
  • Black Sea Defence and Aerospace 2024 in Bucharest, Romania

For more information on Bulgaria’s cybersecurity initiatives, trade events, and resources, please contact:

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