What happened
Piraeus Bank and the European Investment Bank (EIB) have signed a financing agreement that will channel up to €100 million to small and medium-sized enterprises (SMEs) in Greece’s defence and cybersecurity sectors. The funding, part of the EIB’s broader pan-European security and defence financing initiative, is expected to be leveraged into up to €200 million in total financing through Piraeus Bank.
Who is affected
The initiative targets Greek SMEs and mid-cap companies developing technologies and services in cybersecurity and defence. The deal positions Piraeus Bank CEO Christos Megalou and EIB Vice-President Yannis Tsakiris, as well as EIB senior loan officer Eirini Botonaki, at the center of this financing drive. Greek‐based cybersecurity firms and defence tech innovators stand to benefit from improved access to capital and longer-term financing terms.
Why CISOs should care
For chief information security officers, this move signals increased institutional support for the cybersecurity industry within the EU, particularly in under-funded markets like Greece. Enhanced funding can accelerate the development of indigenous cybersecurity products, tools, and services, broadening the vendor landscape and potentially offering more tailored solutions for enterprise and government security needs. Furthermore, stronger domestic cybersecurity ecosystems contribute to national and regional resilience against evolving threats.
3 Practical Actions for CISOs
- Monitor Emerging Vendors: Track Greek cybersecurity SMEs that receive this funding as potential partners or solution providers, especially those innovating in niche or dual-use technologies.
- Assess EU Funding Trends: Understand how EU-level financing initiatives (like the EIB’s security & defence program) may influence vendor maturity and future technology roadmaps.
- Engage in Strategic Partnerships: Consider collaborations with funded firms for pilot programs, threat intelligence sharing, or co-development opportunities that align with your organization’s security strategy.