Suzanne West Clark
VEDP Releases Virginia Cyber Security Export Market Report
-Report prepared as part of ‘Going Global’ Defense Initiative-
RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the release of the Virginia Cyber Security Export Market Report. George Mason University prepared the study as part of VEDP’s ‘Going Global’ Defense Initiative to mitigate the impact of defense spending cuts on Virginia’s economy, the nation’s leading state recipient of defense spending. VEDP’s International Trade program focuses on assisting Virginia businesses in capturing export opportunities overseas. As the U.S. Federal Government cuts back on defense spending, there are significant opportunities for Virginia’s defense companies to grow sales abroad. The initiative helps to promote the diversification of Virginia defense companies into new international markets, thereby ensuring long-term economic survival and continued ability to supply U.S. defense forces.
Virginia is an industry hub of cyber security companies. With the increase in cyber attacks on the private sector and government agencies around the world, there are great opportunities for Virginia’s cyber security firms to export their products, services and technology to governments and private businesses in different countries.
Sponsored by VEDP, George Mason University’s study identifies the top 10 foreign markets that offer the best opportunities for exports of cyber security goods, services and technologies by companies located in Virginia. In addition to providing a broad overview of the top 10 markets, the report provides in-depth assessments of the five most promising markets. These assessments focus on strategies for market access, including government procurement procedures, trade regulations, laws, market access restrictions, tenders, and business challenges.
Top 10 Markets for U.S. Cyber Security Exports:
1. Saudi Arabia
2. United Arab Emirates (UAE)
5. South Korea
8. United Kingdom
Emerging markets for cyber security are Malaysia, South Africa, Poland and Singapore.
“Cyber security is the new wave in the defense industry, and many defense firms are expanding into this area as it is quickly becomes a top priority for many governments around the world,” said Paul Grossman, VEDP Vice President of International Trade. “Defense budgets are being increased to include cyber security as cyber attacks target state-owned energy companies in the Middle East or attempt to infiltrate the systems of U.S. agencies daily. VEDP’s ability to work with George Mason University to complete this industry study is a valuable component of the ‘Going Global’ Defense Initiative. This is a timely, invaluable report that helps Virginia defense-related companies grow in international markets.”
To download the Cyber Security Export Markets report, visit http://exportvirginia.org/resources2/publications/cyber-security/.
To learn more about the ‘Going Global’ Defense Initiative, visit http://exportvirginia.org/defense/.
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 24-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, China, Germany, Japan, India and the United Kingdom.