The Marca newspaper on Sunday said the COE had contracted Madrid-based Prosegur to shadow the country's athletes and officials during their stay in Rio, reports Xinhua.
It added that it was the first time the COE had hired a private company for an Olympic Games.
Prosegur will be responsible for monitoring the movement of all members of the Spanish delegation and keeping watch at four official team hotels, according to the report.
In May three member's of Spain's Olympic sailing squad were robbed at gunpoint while walking to breakfast in the hilltop Rio neighbourhood of Santa Teresa.
Some 88,000 soldiers and police will be deployed during the August 5 to 21 Rio Olympics, more than double the number used at the London 2012 Games.
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