Austria Cybersecurity Opportunities

Business Opportunities ahead for U.S. providers of cybersecurity solutions. 

The introduction of the NIS 2 Directive by the European Union in October 2024 marks a significant turning point for cybersecurity in Austria and across Europe. Aimed at enhancing resilience against cyber threats, NIS 2 mandates stringent cybersecurity measures. These include stronger supply chain security, enhanced network security, better access control and encryption. Companies operating in sectors deemed vital to the economy and society need to take additional measures to ensure they are protected from cyber-attacks, such as establishing incident reporting systems. 

NIS 2 applies to companies with over 50 employees and an annual turnover exceeding EUR 10 million. With penalties for noncompliance reaching up to 2% of global annual turnover, there is a strong incentive to find good cybersecurity partners. Currently, only 20% of Austrian companies with more than 50 employees have established cybersecurity emergency plans, presenting a great opportunity for U.S. companies specializing in cybersecurity solutions.

The Austrian cybersecurity market is poised for robust growth, being one of the largest ICT subsectors with expected annual growth of 10% from 2024 to 2028. This growth trajectory, coupled with the immediate need for compliance with NIS 2, presents an ideal opportunity for market entry.

U.S. companies in the IT cybersecurity subsector have a strong worldwide reputation for innovative technologies, quality products and services, and after-sale service, and are well-positioned to compete in the Austrian cyber market.

To learn more about the impact of NIS 2 and how your company can leverage the resulting opportunities, please contact Robee Sallegue, Commercial Specialist at CS Vienna: robee.sallegue@trade.gov.
 

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