Ukrainian Cyber Business scaling its operations during Global Challenges: Key Takeaways from the Dialogue
On September 17, 2024, the Aspen Institute Kyiv, in collaboration with the IT Ukraine Association, held the dialogue “Expanding Cybersecurity Business Horizons: Strategies for Scaling in Ukraine.”
The goal of the dialogue was to discuss opportunities for scaling cybersecurity businesses in Ukraine using various tools. The event focused on practical solutions to help industry representatives develop and adapt to modern global challenges and opportunities.
Artificial Intelligence and Cloud Technologies — Global Trends in Cybersecurity
The first session, “Global Investment Trends in Cybersecurity,” provided an overview of investment trends in the cybersecurity markets, particularly in the US and Europe. Participants included representatives from The Aspen Global Cybersecurity Group of Aspen Digital, such as Inge Bryan, Сhair of the Dutch Institute for Vulnerability Disclosure, Oleh Derevianko, Co-founder and Chairman of the Board of Directors, ISSP, Gregory Rattray, Partner and co-founder, Next Peak. They shared trends and growth opportunities in investments within the sector, discussing developments in cloud technologies, artificial intelligence, and security monitoring. The participants also explored Ukraine’s investment potential as a promising player in the global cybersecurity market. The speakers emphasized the importance of focusing on local markets where cybersecurity needs to be developed and applying Ukraine’s experience in countering cyber threats during Russia’s full-scale invasion.
Market Validation and Talent Acquisition — How to Effectively Grow a Business
Liubov Danylina, Vice President on Small and Medium Business issues, IT Ukraine Association, Country Manager, Payoneer, shared insights during the “Scaling Strategies: Driving Business Growth Through Effective Sales.” She highlighted the importance of optimizing operational processes, using financial tools for international market expansion, attracting talent to the team, and working on a Go-to-Market (GTM) strategy. Danylina also emphasized the importance of market research and marketing approaches in defining the target audience.
Diia.City: Opportunities and Benefits for Residents
During the session, “Diia.City: Legal and Tax Benefits for Cybersecurity Companies,” Natalia Denikeieva, Director of IT industry development directorate, Ministry of Digital Transformation of Ukraine, introduced the opportunities provided by the special legal framework of Diia.City for cybersecurity companies. She emphasized that Diia.Cityfacilitates the growth of Ukrainian businesses globally and attracts foreign investors to Ukraine’s cybersecurity industry. Additionally, she discussed the benefits of residency, including favorable tax conditions, intellectual property protection, venture capital investment, and more. Denys Zaliznyak, CTO, Hideez Group, shared the company’s experience as a Diia.City resident note that the legal and tax framework enables IT companies to operate more effectively in Ukraine collaborate with foreign companies and protect their interests.
Mariia Shevchuk, Executive Director, ІT Ukraine Association, moderated the sessions.
The event was held within the framework of the Cybersecurity Dialogue Programme, implemented by The Aspen Institute Kyiv with the support of the USAID Critical Infrastructure Cybersecurity Project in cooperation with the IT Ukraine Association.
The IT Ukraine Association has established a CyberTech Committee with the participation of the general partner UKRSIBBANK BNP Paribas Group.
