Dhaka, Bangladesh
Counting the cost of Middle East cyber-attacks

Off the Track

Counting the cost of Middle East cyber-attacks

Caline Malek

As Riyadh prepares to host the seventh Middle East and North Africa (MENA) Information Security Conference, the focus is on both the human capital and the technological investments required by regional institutions to defend themselves successfully from cyberattacks.
The title of the conference, “Cyber Space, The New Frontier: Deception, Orchestration and Blackholes,” may conjure images of intergalactic supervillains, but the objective is fairly down to earth: To enhance connectivity and networking among senior regional cybersecurity professionals.
Companies and organizations in the MENA region neglect information security at their peril. Saudi Arabia’s cybersecurity market alone is expected to grow to $5.5 billion by 2023, as the Kingdom upgrades its information-technology infrastructure to combat increasingly frequent cyberattacks.
A report, titled “MEA Cybersecurity Market Forecast to 2023,” predicts the market will swell to $3 billion in 2019.
“The professional services segment of the cybersecurity market is projected to grow to $1.4 billion by 2023,” said Samer Omar, CEO of the MENA Information Security Conference 2019.
In the same period, Saudi Arabia’s large enterprises segment, and small and medium enterprises segment (SMEs) are respectively projected to grow to $3.4 billion and $2 billion, driven by increases in their adoption of advanced cybersecurity solutions.
The Kingdom’s size, wealth, digitalization of government services and geopolitical prominence make it a prime target for all types of cyberattackers, from hacktivists and cybercriminals to nation-state intelligence-gathering and offensive information warfare operations.
According to the International Telecommunication Union, it ranked first regionally and 13 out of 175 countries in the Global Cybersecurity Index for 2018.
“As the world gets more and more interconnected and we become increasingly dependent on technology, the threat landscape is broadening and creating more opportunities for attackers,” said Mark Leveratt, cybersecurity advisor to the Defense Services Marketing Council in Abu Dhabi. “This is leaving individuals, organizations, governments and nations increasingly vulnerable to cyberattacks.”
Omar, who has more than 24 years of experience in the cybersecurity industry, says cybercrime is no longer merely about a solitary hacker; it involves highly organized and trained groups and underground organizations serving specific objectives, especially political ones.

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