Europe Cyber Security Market

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Europe Cyber Security Market

Key Takeaways

  • The Netherlands and Italy are among the EU countries with the greatest "market potential for cyber security products and services," according to the European CBI. Notably, both nations are currently ranked as EU countries that are "most at risk of cyber crime" and that have the "highest cyber crime rates," but remain relative immature markets with low levels of local cyber security product competition, per the European Cyber Security Organization, Microsoft, ESET and TechRobot.
  • In tandem, large businesses represent the greatest market opportunity for cyber security product sales within Europe, given the shift in cyber attacks to enterprises during the global pandemic, as well as the greater awareness and interest in purchasing cyber protection products among larger organizations, according to INTERPOL and the European Union Agency for Cybersecurity (ENISA).
  • Meanwhile, digital services, government, financial services and healthcare consistently rank as the "most targeted sectors" for cyber crime in Europe, based on 2020 and 2021 reporting by ENISA.

Introduction

The research team has provided an overview of the market opportunities within Europe's cyber security industry, including the highest potential countries, businesses (by size) and industries for product sales. As requested, this research has been tailored to leverage only the most current sources (published in 2020-2022) as well as to exclude Eastern European countries from potential opportunity areas. Moreover, special attention, as desired, was placed on incorporating reports from the European Union Agency for Cybersecurity (ENISA), both in determining whether small/medium/large businesses represent the greatest opportunity in the region for the sale of cyber security products, as well as in identifying the industries which are currently facing the greatest threat of cyber attack in the region. The full findings of this research have been summarized directly below.

I. High Potential Countries

  • Corroborating this finding, TechRobot similarly concluded that The Netherlands and Italy rank 7th and 4th, respectively, in Europe for their cyber crime rates, as detailed further below.
  • Validating this finding, the European CBI similarly reports that The Netherlands currently has a "lack of national champions" in the cyber security industry, while Italy is served by only a limited range of US-based companies.

II. Opportunity of Large Businesses

  • Large businesses currently represent the greatest market opportunity for cyber security product sales within Europe, given the shift in cyber attacks to enterprises during the global pandemic as well as the greater awareness and interest in purchasing cyber protection products among larger organizations.
  • Leading up to the pandemic, small businesses in the UK and wider Europe had become a growing victim of cyber threats and associated costs, however INTERPOL found that COVID-19 resulted in a "significant target shift from individuals and small businesses to major corporations, governments and critical infrastructure."
  • In parallel with the rise in attacks against large organizations, the European Union Agency for Cybersecurity (ENISA) found as recently as September 2021 that large enterprises are more likely than small and medium-sized businesses (SMEs) in the region to place a high value on preventing cyber attacks.
  • Although 36% of SMEs in Europe have experienced a cyber crime within the past five years, "cyber attacks are still not considered as a major risk for a large number of SMEs," per ENISA.
  • Moreover, smaller organizations are characterized by a general lack of awareness about the threat of cyber attacks, and have a "lack of budget to cover costs incurred for implementing cybersecurity measures."

III. Most Impacted Industries

  • Meanwhile, digital services, government, financial services and healthcare consistently rank as the "most targeted sectors" for cyber crime in Europe, according to 2020 and 2021 reporting by ENISA.
  • In particular, digital services such as social media, e-mail providers, online collaboration platforms and cloud software providers have faced an onslaught of cyber attacks, not only as targets themselves but as convenient proxies for reaching "more attractive" industries and companies.
  • The pandemic only accelerated this trend, with digital service providers experiencing a substantially greater number of cyber incidents than most other industries in Europe between April 2020 and July 2021, as depicted below.
  • However, COVID-19 also raised the profile of government and healthcare organizations among cyber criminals, making these the first and third most attacked industries in Europe in terms of cyber crime, respectively, as of mid last year.


Research Strategy

For this research on the market opportunities within Europe's cyber security industry, the research team leveraged the most reputable sources available in the public domain, including the European Union Agency for Cybersecurity (ENISA), Microsoft and INTERPOL.

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