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Spain’s Investment in Data Protection

As we move towards a future increasingly dominated by the internet and its applications, our data has developed great value. We now face the challenge of protecting it. Cybersecurity is quickly becoming a priority for both the public and the  private sectors: in 2017, there were more than 123,000 cybersecurity incidents in Spain, and it’s predicted that this year, 7 out of every 10 companies in Europe and the United States will have to fend off a cyberattack.

Spain is taking a leading role in the development of cybersecurity. The International Telecommunication Union (ITU)’s Global Cybersecurity Index ranks Spain 7th globally, and 5th within Europe. ICEX, Spain’s national trade and investment agency, has identified a high demand for investment in cybersecurity in Spain, citing initiatives by INCIBE, the Spanish National Cybersecurity Institute, as well as the National Cybersecurity Strategy, developed in 2013. In 2018, Spanish companies spent over 41.6 billion euros on technology. IDC, the International Data Corporation, predicts a the Spanish cybersecurity sector will grow by 7% in 2019, which translates into a total of 1.3 billion euros.

As part of Europe, Spain has an added advantage. In 2016, the European cybersecurity market was the second greatest in the world, making up 28.2% of the global market, and it is  estimated to grow to USD 47.17 billion by 2023. Spain benefits from the cybersecurity initiatives taken by the European Union, such as the cybersecurity package approved in 2017.

Spanish start-ups are making sure they are not left out of the cybersecurity wave. Various companies have received international recognition, such as AlienVault, a start-up founded in Madrid in 2007 which has recently merged with the US telecom giant AT&T to become AT&T Cybersecurity, or VirusTotal, bought by Google in 2012.  Spain is proving to be an attractive destination for foreign investment in cybersecurity, as well: Chronicle, the cybersecurity offshoot of Alphabet, announced plans to open a new facility in the south of Spain.

If you’re looking to follow Chronicle and do business in Spain, we can help! Gedeth has extensive experience helping IT companies grow overseas. We’d love to help you on your internationalization journey.