THANK YOU FOR SUBSCRIBING
Cyber security has become a critical problem in the Middle East and the UAE. The executives of these regions have been raising their spending on cyber security services solutions to decrease security problems
FREMONT, CA: Cyber security has become a serious issue in the Middle East and the UAE. To reduce security issues such as those in the aerospace and defense, retail, and financial services industries and protect data from cybercriminals, the leaders of these regions have increased their spending on cyber security services, products, and solutions.
The government, BFSI, and energy & utility industries in this region of the Middle East, which includes Bahrain, Qatar, Saudi Arabia, and the UAE, are targets of cyberattacks. As a result, there is a considerable need for improved security developments. Due to the geopolitical and economic importance of the GCC region, it has become the main target of cyberattacks. Government, education, and BFSI efforts are the most targeted sectors in the GCC area.
The market is driven by increased cyber threats, digitization projects, and investments in homeland security. The Middle East cyber security market is anticipated to expand at a CAGR of 22.5 percent in 2022. Five factors examine the Middle East's demand for cyber security: security types, solutions, services, verticals, and countries.
The security types component is examined based on network, application, cloud, and wireless security. One of the most critical aspects for corporations is cloud security, small to more significant. By implementing this security, businesses can save money on capital expenses while improving productivity, business agility, ease of market adaptability, and data protection. By 2020, the cloud security market will generate USD 20.20 billion.
The services market is examined based on consultancy, managed security, and integration services. By 2022, the services market's revenue is anticipated to exceed USD 34.37 billion. Companies in the Middle East are continuously investing in their cyber security requirements, which is excellent, especially in 2022, according to PwC Digital Trust Insights 2022-Middle East Findings Report. Compared to 43 percent last year, 58 percent of Middle Eastern businesses believe the cyber investment will peak in 2022. Compared to previous years, when only 10 percent predicted 10 percent or more, 31 percent forecast 10 percent or more this year. Companies know that risks are rising, and more than 43 percent expect an increase in reportable occurrences in 2020 above levels in 2021.
Already, 2021 has proven one of the worst years for cyber security in history. Cyberpunks are searching the hidden crevices of systems and networks with ever-improving sophistication for vulnerabilities. Whatever the nature of a company's digital Achilles' heel may be—a flaw in the code controlling access to crypto wallets, for example, or an unprotected server holding 50 million records—attackers will use every tool at their disposal, both conventional and very advanced, to influence it.
As the interdependencies among the systems of the Middle Eastern countries become intricate, the effects of an assault worsen. Particularly vulnerable are critical infrastructures. Yet many of the breaches where envisioning can still be avoided with sound cyber strategies and adequate controls.