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On September 17, 2024, the Aspen Institute Kyiv, in partnership with the IT Ukraine Association, held a Dialogue titled “Expanding Horizons of Cyber Business: Growth Strategies in Ukraine.” The event aimed to discuss opportunities for scaling businesses in the field of cybersecurity in Ukraine, considering modern global challenges. Special attention was given to practical solutions that would help Ukrainian companies effectively grow and adapt to new conditions.
Artificial intelligence and cloud technologies – global trends in cybersecurity
The first session, “Global Investment Trends in Cybersecurity,” focused on an overview of investment trends in the cybersecurity markets, particularly in the U.S. and Europe. Participants included representatives from The Aspen Global Cybersecurity Group of the Aspen Digital Program — Inge Bryan, Head of the Dutch Institute for Vulnerability Disclosure (DIVD), Oleh Derevianko, Co-Founder and Chairman of the Board, ISSP, and Gregory Rattray, Partner and Co-Founder of Next Peak. They shared insights on trends and opportunities for growth and development of investments in this field. Topics included the development of cloud technologies, artificial intelligence and security monitoring. The participants also discussed Ukraine’s investment potential as a promising player in the global cybersecurity market. The speakers recommended paying attention to local markets, where cybersecurity needs to be strengthened, and leveraging Ukraine’s unique experience in countering cyber threats as a result of Russia’s invasion.
Market validation and talent attraction – how to develop business effectively
During the session, Liubov Danylina, Vice President for SMEs, IT Ukraine Association, Country Manager, Payoneer, spoke about ways to effectively expand the activities of small and medium-sized businesses during the session “Growth Strategies: How to Scale Your Business Through Effective Sales”. According to her, the key is to optimise operational processes, use financial instruments to scale to international markets, attract talent to the team, and work on a GTM strategy. She also noted the importance of market research and marketing approaches to identify your target audience.
The Diia.City Space: Opportunities and Benefits for Residents
During the session “Diia.City: Legal and Tax Benefits for Cybersecurity Companies,” Natalia Denikeeva, Director of the IT Industry Development Directorate at Ukraine’s Ministry of Digital Transformation, presented the opportunities of the Diia.City special legal space for cybersecurity companies. She emphasized that Diia.City fosters the development of Ukrainian business at a global level and attracts foreign investors to Ukraine’s cybersecurity industry. Additionally, she outlined the advantages of residency, including favorable tax conditions, intellectual property protection, venture capital investments and more. Denys Zaliznyak, CTO at Heidi’s Development, shared his company’s experience as a resident of Diia.City. He noted that the legal and tax framework allows IT companies to operate more efficiently in Ukraine, collaborate with international companies, and protect their interests.
The sessions were moderated by Mariia Shevchuk, CEO of IT Ukraine Association.
The event was held as part of the Cybersecurity Dialogue Program, implemented by the Aspen Institute Kyiv with the support of the USAID Project “Cybersecurity of Ukraine’s Critical Infrastructure,” in collaboration with IT Ukraine Association.
IT Ukraine Association has created the CyberTech Committee with the support of its general partner UKRSIBBANK BNP Paribas Group.
