Saudi Cyber Security Market Expected to Reach $5 Billion in 2020

Business

January 31st, 10:06am

Washington - Amir Nabil

The Kingdom is upgrading its capabilities in data security and enhancing spending on cyber security projects. (Photo: Reuters)

Over the past decade, the successive growth witnessed in the cyber security market in Saudi Arabia has caught global attention, given the volume of government spending and huge investments that put the Kingdom at the region’s forefront according to the major global institutions.   A recent study conducted by the International Foundation for Electronic Studies and Research and published by the Saudi-American Business Council in Washington under the title, “Saudi Cybersecurity Challenges between the Past, Present and Future”, the value of the Saudi electronic security market in 2022 is expected to reach $5 billion.   Saudi Arabia has adopted many projects in the field of information and communications technology over the past fifteen years, but at the same time remains - given that it is the largest economy in the region - a potential target of cyber-attacks.   In response, the Kingdom is upgrading its capabilities in data security and enhancing spending on cyber security projects.   Moreover, Saudi Arabia was ranked by the International Telecommunication Union (ITU) as the regional leader in the cyber security industry, and one of the countries that implement reforms in capacity-building.   Market estimates indicate that between 50 and 60 percent of all companies are subject to cyber-attacks in the next twelve months, and that the public, healthcare, and financial sectors are the most frequently targeted, as well as the education, industry, retail, and energy sectors.   These attacks vary from fraud, sending data-destroying viruses, blocking access to service systems and web application assaults.   Saudi Vision 2030 emphasizes the importance of an advanced digital infrastructure that contributes to achieving competitiveness in the Saudi economy.   The 2020 plan also focuses on opening the private sector to further develop the digital economy and IT security. The Saudi 2020 State budget allocates about SAR102 billion to the regional and digital administration, which includes cyber security.

from Asharq AL-awsat https://aawsat.com/english/home/article/2108441/saudi-cyber-security-market-expected-reach-5-billion-2020