European Investment Advisory Hub and European Cyber Security Organisation announce first step towards a new pan-European cybersecurity investment instrument
7 October 2021
The European Cyber Security Organisation and the European Investment Advisory Hub will participate in a feasibility study on the design and set-up of a European Cybersecurity Investment Platform.
The new platform aims to attract large international investors to the European market.
The European Cyber Security Organisation (ECSO) and the European Investment Advisory Hub, a joint advisory initiative of the European Investment Bank (EIB) Group and the European Commission, announced today their participation in a feasibility study on the design and set-up of a European Cybersecurity Investment Platform (ECIP). The new platform is expected to attract more investment in the European cybersecurity market. The feasibility study will be carried out by the Advisory Hub together with experts from the EIB Group and PricewaterhouseCoopers as a consultant. This public-private collaboration was initiated by the Basque Cybersecurity Centre (BCSC).
The study is the first step towards a more comprehensive public-private pan-European approach in support of cybersecurity investments. Laying the groundwork for a European Cybersecurity Investment Platform, the feasibility study will look at possibilities to attract large international investors to Europe. It will also analyse various options for supporting small and medium-sized cybersecurity companies to enable them to scale up, stay in Europe and compete in the global market. Additionally, the study will look at ways to encourage private investments by providing access to and simplifying information about the European Union’s cybersecurity market and the possibilities of creating dedicated technical assistance support programmes for investors and clients.
“Digitalisation is already today key to our competitiveness, productivity and job creation. And it will be even more so in the future. Done the right way, it can be crucial to tackling climate change as well,” said EIB Vice-President Kris Peeters. “However, as recent ransomware attacks have shown, there can be a steep price to pay if we don’t take digital threats seriously. That is why I’m glad, to take the next step, together with our partners, towards increasing our support for European cybersecurity. With the support of the Advisory Hub and by combining our efforts, we can provide in-depth market analysis that enables us to design the tools needed to support our startups and create a globally leading and more autonomous European cybersecurity ecosystem.”
Javier Diéguez, Director of the Basque Cybersecurity Centre and Co-Chair of the European Cyber Security Organisation’s International Cooperation Working Group announced the initiative during the ECSO and EIB’s kick-off meeting. In his view, “the strategic objective of our cybersecurity initiative is to promote and attract investments in European cybersecurity startups and SMEs to keep developing competence and strategic solutions within Europe.”
For Francois Lavaste, Executive Director at Ace Capital Partners and member of the European Cyber Security Organisation’s Board of Directors, “Europe needs a strong cybersecurity sector in order to protect its economy and reduce its technological dependence, and the European Cybersecurity Investment Platform has true potential in moving this objective forward. ECSO is proud to contribute to this project and to take part in the initiatives that will strengthen cybersecurity in Europe.”
The feasibility study to set up a European Cybersecurity Investment Platform is part of an initiative by the European Cyber Security Organisation that was launched with a letter of intent signed by 50 major European cybersecurity companies and organisations. The initiative aims to boost Europe’s industrial and investment capacity in cybersecurity and its uptake.
The European Investment Advisory Hub is a joint advisory initiative partnership of the European Investment Bank Group and the European Commission, created under the Investment Plan for Europe. The Advisory Hub is designed to act as a single access point to various types of advisory and technical assistance services. It supports the identification, preparation and development of investment projects across the European Union. Its advisers work directly with project promoters to prepare a tailor-made advisory package to support investment projects.
The European Cyber Security Organisation (ECSO) is a not-for-profit organisation established in 2016. ECSO unites more than 250 European cybersecurity stakeholders, including large companies, SMEs and startups, research centres, universities, end users, operators, associations and national administrations. ECSO works with its members and partners to develop a competitive European cybersecurity ecosystem providing trusted cybersecurity solutions and advancing Europe’s cybersecurity posture and its technological independence.
The European Investment Bank (EIB) has signed a €15 million financing deal with Dutch cybersecurity company EclecticIQ, a leader in threat intelligence, hunting and response technology and services. The agreement will give EclecticIQ access to the funding it needs to further accelerate the development of its cybersecurity platform and expand internationally in a strategically important and rapidly growing market. The EIB financing is backed by the European Commission through the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The European Investment Bank (EIB) and G+D Ventures, the venture capital arm of the global security group G+D, will invest €25 million each into a new investment platform. The platform will then invest equity into small and medium-sized European companies that develop new technologies in the field of cybersecurity and trust tech, building a portfolio of 12-15 companies.
The EIB and Clavister have signed a EUR 20 million financing agreement which will help the company to develop advanced cybersecurity software and hire new computer experts. The agreement was made possible by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.