On Tuesday, Deputy Minister of Digital Policy Nicodemos Damianou inaugurated the National Cybersecurity Coordination Center, emphasizing the state's continued commitment to cybersecurity.

In his address at the event, Mr. Damianou stated that the ceremony marks a significant development in establishing a comprehensive cybersecurity ecosystem in our country. He noted that the designation of the Digital Security Authority as the National Cybersecurity Coordination Center (NCC-CY) complements a complex network of initiatives that ensure the protection, resilience, and sustainability of not only critical infrastructure but also the broader economy and society against the ever-growing threats and attacks in cyberspace.

Citing estimates that economic losses due to cybercrime will rise to $10.5 trillion globally by 2025, and that the global cybersecurity market is expected to grow to $270 billion by 2026 from $170 billion in 2020, the Deputy Minister pointed out that businesses rank cybersecurity among the top four risks for the coming year, according to a global survey of CEOs by PwC.

"This timing is particularly crucial for the sector. The evolution of artificial intelligence is expected to lead to even greater increases in both the frequency and effectiveness of cyberattacks, creating new complexities and vulnerabilities. The weakest link in any cyber defense chain, the human factor, becomes even more vulnerable with the advent of deepfakes and generative AI," he explained.

He further mentioned that as technological capabilities expand and digital transformation intensifies, threats will also increase and evolve. He stressed that a holistic approach to cybersecurity becomes an indisputable priority for all public organizations, businesses, and every citizen.

"A comprehensive strategic approach should include structures and measures for systematic prevention and management of cybersecurity, as well as measures for dealing with and responding to cybersecurity incidents," he added, highlighting that this approach is also followed by the Deputy Ministry to protect the state's critical infrastructure. This is achieved through the development of a horizontal cybersecurity framework for the public sector and integrating security as a necessary parameter in the planning and implementation of technological projects.

The same approach, suggested the Deputy Minister, should be followed by every organization to safely develop their operations within the complex environment of digital opportunities and risks.

He then noted that 99% of businesses in our country are small and medium-sized enterprises, many of which have not yet fully integrated technological upgrades into their strategic priorities and therefore need help regarding cyber defense.

"The multifaceted action developed by the National Cybersecurity Coordination Center can play a significant role in this direction. Through its educational initiatives and awareness-raising activities for both the public and private sectors, the Center strengthens and supports various organizations in enhancing their cybersecurity levels," he said.

He also explained that the need for investment in training and awareness is emphasized in a recent Eurobarometer survey, which reflects growing concern over the lack of cybersecurity skills and experts across Europe and the reluctance of businesses to take action despite the general consensus that cybersecurity is a high priority.

Mr. Damianou stressed the importance of creating an interconnected cybersecurity community, which the National Coordination Center aims to facilitate. This community promotes the exchange of knowledge and expertise, fosters innovation, and encourages collaboration between the business and research communities in the country.

In this context, Mr. Damianou called on all organizations, especially small and medium-sized enterprises, to take advantage of the services and opportunities offered by the National Cybersecurity Coordination Center to develop the appropriate structures, infrastructures, and capabilities that will enable them to adequately meet this significant challenge.

As he explained, a funding program of €1 million has already been offered for small and medium-sized enterprises through the Research and Innovation Foundation (RIF). He expressed confidence that the Center will secure additional European funds, which will be channeled to further enhance cybersecurity in the industry.

In closing, the Deputy Minister of Digital Policy congratulated the Commissioner of Communications, the Digital Security Authority, the team of the National Coordination Center, the Deputy Ministry, and RIF for their collective effort. He assured that the state will continue to place appropriate importance on cybersecurity. "It is a sector that, in the long run, becomes a key criterion for the sustainability and development of all organizations and states," he said.