22 Mar GISEC Regulation remains the strongest multiplier to cybersecurity growth
According to a report by Frost & Sullivan, regulation is the strongest factor in cybersecurity growth.
The report offers insights into the current conditions of the cybersecurity industry in the region. The report highlights the exponential growth of the region’s cybersecurity landscape. The GCC cybersecurity industry is estimated to triple in value by 2030, reaching USD$13.4 billion. The report was released ahead of GISEC Global 2024, which aims to identify the challenges and opportunities facing the region’s expanding industry.
Countries are taking measurable steps to enhance their cybersecurity posture by setting up cyber-specific departments, driving awareness through educational campaigns and training programs, and promoting entrepreneurship through cybersecurity conferences.
Parminder Kaur, Director and Head of Security Advisory, MEASA, Frost & Sullivan, said: “Compliance and regulation remain the strongest multipliers for cybersecurity growth. The proliferation of technology has greatly increased organisational exposure to complex cyber risks, while the surge in e-commerce and digital banking across the Middle East has generated a heightened need for security. As a nerve centre for the oil and gas industry – as well as several large financial institutions and fintech startups – the region is fast-becoming a preferred provider of next-gen cybersecurity products and services worldwide, requiring a stringent approach to cybersecure solutions that protect both financial dealings and personal data.”
The Middle East is currently working towards developing a strong cybersecurity infrastructure and economy. This region is one of the most promising ones for industry growth globally. The Middle East’s commitment to regulation, cybersecurity training, and supply chain security distinguishes it as an industry leader. It has an ambitious vision to integrate technologies and meet evolving client needs.
Bashar Bashaireh, Managing Director of Cloudflare said: “GISEC is the ultimate cybersecurity event in the region.
“GISEC is the ideal place to meet present and future customers and partners and engage in new conversations around cybersecurity with relevant audiences.
“We are in a very dynamic and innovation-hungry region and are witnessing an increase in cybersecurity awareness and leadership across the UAE, Saudi Arabia, Bahrain, Qatar, and Oman. Organisations will need to accelerate their digital transformations and undergo modernisation efforts through the adoption of technologies that can counter increasingly sophisticated cyberattack attempts.”
Kenneth D’Souza, Marketing Manager of Spire Solutions said: “The GCC cybersecurity market is poised for growth, with areas such as identity access, IoT, and cloud security – which were merely debated earlier – have developed into major challenge areas for organizations across the region.
“Several Middle Eastern countries, most notably the UAE and Saudi Arabia, are at the forefront of achieving their cybersecurity objectives. Bolstered by government initiatives and massive awareness for a safer digital expansion, organizations in the region are investing heavily in cybersecurity measures to establish efficient, measurable, and sustainable business frameworks.”