Financial Crime World

Bulgaria’s Growing IT Sector Sparks Cybersecurity Concerns

Bulgaria’s Rapid Growth in Technology Triggers Cybersecurity Concerns

As Bulgaria continues to attract leading global companies and establish itself as a hub for research and development (R&D), its rapid growth in the latest technologies such as IT, AI, Big Data, and communication has triggered significant interest from cybercriminals. The country’s commitment to fostering international collaboration on countering cyber threats through information- and capability-sharing, as well as joint participation in cyber exercises, is seen as a crucial step in addressing this growing concern.

Cybersecurity Challenges

  • Around 57 percent of Bulgarian organizations are subject to cyberattacks once a day or once a month.
  • Cyber-attacks against Bulgarian businesses have increased by 20 percent.

Government’s Response

The government has adopted a National Strategy for Cybersecurity called “Cyber Resilient Bulgaria 2020” aimed at providing better protection for citizens, businesses, governments, and critical infrastructure. The adoption of an E-Governance law and future implementation of e-services have made cybersecurity an even greater priority in 2023.

Public Safety and Traffic Safety

  • Bulgaria’s major cities have invested heavily in video surveillance systems.
    • Over 3,000 cameras monitor pedestrian areas, major crossings, and traffic safety in Sofia alone.
  • The government plans to expand the system to include sensitive zones and equip police vehicles with built-in video surveillance.

Financial Institutions’ Priorities

  • 67 percent of banks and insurance companies plan to increase their spending on security technology and invest in automating key customer services.

Security Companies

Bulgaria is home to over 3,200 registered security companies, providing centralized security services through monitoring centers and vehicle patrols. Some of the leading security companies belong to the National Association of Trade Security and Security Companies (NAFTSO), which represents over 22,400 employees in the private security sector.

Opportunities

  • The Bulgarian government is currently seeking tenders for various safety and security projects.
  • International trade events such as Plovdiv’s HEMUS 2024 and Belgrade’s Partner-Defence exhibition 2023 offer opportunities for companies to showcase their latest security equipment and technology.

Resources

For more information on Bulgaria’s cybersecurity efforts, contact: