Agustín Muñoz-Grandes serves as the Head of Accenture Security for Spain, Portugal, and Israel and is the Vice President of Madrid’s Cybersecurity Cluster, CyberMadrid—an initiative supported by the Madrid City Council in collaboration with the Community of Madrid and the National Institute of Cybersecurity (INCIBE). CyberMadrid aims to foster growth in the region’s cybersecurity sector. On November 14, the cluster will host its first Cybersecurity Investment Congress, an event where investors and startups can network, learn from success stories, and explore opportunities.

In this interview, Muñoz-Grandes discusses the congress and shares insights into Madrid’s cybersecurity landscape.

M.I.A.: How and when did Madrid’s Cybersecurity Cluster come to be?

A.M.: The cluster emerged between 2020 and 2021, toward the end of COVID, as a City Council initiative. It’s part of a wider trend, with regional cybersecurity agencies now being established in response to rising public and private sector needs. Most major cities are launching their own cybersecurity centres, and there’s a strong focus on enhancing defences against cyberattacks, especially within public institutions. The cluster’s mission is to bridge public and private interests, fostering growth in Madrid and surrounding areas.

M.I.A.: What role does the cluster play in Madrid’s cybersecurity ecosystem?

A.M.: The cluster serves as a hub, bringing together key stakeholders from public entities at local, regional, and national levels—such as the Madrid City Council, the Community of Madrid, and INCIBE on our advisory board—along with major private companies. We include organizations that create demand for cybersecurity services and those offering solutions to both public and private sectors. Two additional pillars are educational institutions, which address a pressing need for talent, and the startup ecosystem, supporting Madrid’s goal to be a hub for cybersecurity innovation.

We actively encourage companies of all sizes to join. Membership fees are minimal and offer access to various business directories, public-private events, and valuable networking within the ecosystem. This is a unique initiative in the region, providing substantial value to members.

M.I.A.: What are the cluster’s main goals?         

A.M.: There is no public or private organization that currently acts as a formal link between the diverse players in Madrid’s cybersecurity sector—between product/service providers and consumers, or between public and private sectors. We also aim to drive cybersecurity talent generation and attraction and to support new project development. The cluster, as a non-profit, fills this crucial gap in a way that no other entity in the region does.

M.I.A.: What types of companies make up the cluster?

A.M.: About 40% of our members are large companies, while 60% are SMEs and microenterprises. We aim to represent all entities, regardless of size, offering a forum that provides resources to companies of all types. Our membership isn’t limited to any particular type of business; we are here to support anyone interested in cybersecurity.

M.I.A.: One key event organized by the cluster is the 1st Cybersecurity Investment Congress. Why this event, and what will it cover? Who is it aimed at?

A.M.: We try to identify areas of interest within the cybersecurity sector that lack high-profile events. Given the immense interest in the field, many national and international organizations are hosting various events. However, we choose to focus on niche topics, with a particular emphasis on Madrid and its region, such as cybersecurity in healthcare and initiatives to improve access to job opportunities. Organizing an investor-focused event aligns perfectly with our goals. Together with the City Council, we recognized a gap in Madrid for such an event, which we believe will be of great value to all stakeholders involved.

M.I.A.: Is the idea for startups and investors to connect directly?

A.M.: Absolutely. We want public entities like the City Council, the Community, and INCIBE to convey the benefits and resources Madrid offers to startups and entrepreneurs. Additionally, we envision this as a networking platform for business angels, investment funds, and entrepreneurs at different development stages. Finally, the congress will allow entrepreneurs to showcase their projects and experiences. For young (and not-so-young) individuals looking to launch their projects, this kind of forum can be inspiring, showing them how to access financing.

M.I.A.: How would you describe the cybersecurity ecosystem in Madrid?

A.M.: Cybersecurity is one of the most dynamic sectors within the tech world. Many of our speakers include entrepreneurs who have built, scaled, and sold their companies, only to start new ventures. We want them to share their insights and experiences. Cyber entrepreneurship in Madrid is highly active, although, unlike Silicon Valley, Spanish investment funds are not always specialized in cybersecurity. However, some European funds with significant successes in the field do exist. For example, Adara has supported the growth of AlienVault, helping it expand to the U.S. and achieve a high valuation. This demonstrates the presence of successful funds within the Spanish ecosystem.

M.I.A.: Is cybersecurity an attractive sector for investment?

A.M.: Certainly. Cybersecurity is expected to grow over 10% globally in the next three years, 15% in Madrid. It’s one of the healthiest markets in terms of demand, with high relevance for companies. Cybersecurity consistently ranks among the top three priorities for executive teams in recent reports. It’s also the fastest-growing IT investment area over the past five years. The business potential is compelling; high demand means successful cybersecurity firms achieve impressive valuations.

M.I.A.: How does Madrid compare to other Spanish and European cities in cybersecurity?

A.M.: As a significant contributor to the national GDP, Madrid is an excellent location for company headquarters. Here, companies gain access to major clients while benefiting from a talent pool created by universities that have incorporated specialized cybersecurity programs. These are solid foundations for any business looking to establish or grow in cybersecurity.

M.I.A.: You mentioned a shortage of talent as a challenge for the industry globally. Why is that?

A.M.: The global market currently has a shortage of over three million cybersecurity specialists. In Madrid, both public and private institutions recognize this as a priority. Almost every leading educational institution now offers specialized cybersecurity programs, and we’ve made significant progress in preparing a new generation of well-trained professionals.

This is a nearly endemic issue within cybersecurity, driven by the sector’s rapid growth since 2016 with the WannaCry attacks. Although demand was already increasing, the exponential rise in global cyberattacks has further heightened executive awareness and the perception of risk. This has led to significant investment in cybersecurity, pushing companies to hire experts. While this growth is positive, it has outpaced universities’ ability to supply qualified professionals.

M.I.A.: What other advantages does Madrid offer to cybersecurity companies, and how does the cluster support growth? What support do the administrations provide?

A.M.: There are currently general entrepreneurship initiatives, but none specific to cybersecurity. One of our objectives is to tailor these incentives so that Madrid becomes Europe’s go-to region for cybersecurity talent, investment, and companies.

M.I.A.: What are the growth prospects for the cybersecurity sector in Madrid?

A.M.: Generally speaking, Madrid outpaces the global average due to its regional strengths. If global cybersecurity growth is projected at around 11-12%, Madrid should reach approximately 15%, driven by its favourable environment and strong demand.