Security News > 2024 > March > Regulatory measures boost cybersecurity industry

As the GCC cybersecurity industry continues to grow-F&S estimates it will triple in value by 2030 to reach $13.4 billion-countries in the region continue to reduce their dependence on oil exports and opt for digital tools and technologies instead. Middle East braces for escalating cyber threats.

In the UAE and Saudi Arabia, specifically, technology adoption has increased across the finance, healthcare, and manufacturing sectors, further boosting the need for cybersecurity and robust regulatory frameworks.

According to the ITU Global Cybersecurity Index 2020, Saudi Arabia ranked second and the UAE fifth among 194 participating countries, indicating that both countries have taken extensive regulatory measures.

Saudi Arabia, the UAE, and Bahrain have also established the National Cybersecurity Authority, the National Electronic Security Authority, and the National Cybersecurity Centre, respectively, to oversee ongoing industry efforts.

"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," said Parminder Kaur, Director and Head of Security Advisory, MEASA, Frost & Sullivan.

As the Middle East continues to develop a robust cybersecurity infrastructure and economy, it remains one of the most promising global regions for industry growth; its commitment to regulation, cybersecurity training, and supply chain security set it apart as an industry leader with an ambitious vision to integrate technologies and meet evolving client needs.

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https://www.helpnetsecurity.com/2024/03/20/regulatory-measures-cybersecurity-industry/