In the Middle East, cyber attack threats grow as organizations increase their reliance on IT through rapid digital transformations. As entities take steps to protect their infrastructure, the region’s cybersecurity market is estimated to reach $31 billion by 2030, according to new data from Frost & Sullivan.
Valued at $7.5 billion in 2022, the Middle East cybersecurity market is expected to grow at an annual rate of nearly 20% over the next seven years.This was revealed at Dubai’s ongoing Gulf Information Security Expo and Conference (GISEC).
With its burgeoning cybersecurity sectors and supportive government initiatives, the UAE, Saudi Arabia, and Israel are on track to emerge as preferred hubs for cybersecurity academics, businesses, research, and innovation.
H.E. Dr. Mohamed Al-Kuwaiti, Head of the UAE Cybersecurity Council, noted the significance of collaboration in the sector. “To define the new cybersecurity paradigms, we are gathering an extraordinary league of cybersecurity leaders at GISEC Global,” he said.
“The UAE Cybersecurity Council fully supports GISEC’s initiative of creating an inner circle for information security leaders to discuss critical challenges and help build the cyber resilience of businesses and enterprises in the UAE and the world.”
In 2023, cyberattacks will utilize identity-based attacks for initial access, emphasizing the need to authenticate technology-vulnerable entry points to prevent cyber threats, said Roland Daccache, SE Manager, META, at CrowdStrike.
As cybercrime continues to rise as a threat to organizations, it also presents new business opportunities for the Middle East market. A recent example is HIMA, a leading provider of safety-related automation solutions, which has opened a new head office in Dubai to expand its market presence in the region.
Meanwhile, other markets are looking into Middle East cybersecurity players too- Manica, a $7.3 billion global company with a range of cybersecurity solutions, has announced its intent to acquire a majority stake in Cyber Knight Technologies. Launched in 2019 and headquartered in Dubai, CyberKnight has grown into one of the largest cybersecurity value-added distributors and solution providers in key regional markets, including UAE, Saudi Arabia, Qatar, Kuwait, Oman, Jordan, and Egypt.
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