The annual global loss of cybercrime is estimated to be at more than $113 billion, with some 380 million victims, making cybersecurity one of the fastest expanding markets in business. Across the Middle East alone, costs in this sector are set to rise by many billions of dollars over the next decade.
Cybersecurity involves combination of a variety of technologies including anti‑virus, intrusion prevention systems, data encryption, firewalls and Distributed Denial of Service (DDoS) mitigation. These can reduce the risks of massive loss of data, while ensuring business continuity in the event of an attack.
Rapid economic development in the large industries particularly in the Middle East, such as oil, gas, banking services, financial and insurance, as well as the exchange of sensitive personal data associated with the growth in electronic commerce are an incentive for hackers. In fact, cybercrime has been identified as the second most common form of economic crime worldwide. This situation makes cybersecurity a priority for companies and governments and opens vast opportunities for new business.