With the emergence of artificial intelligence on the scene, the challenges related to cybersecurity have increased (Getty)
The Middle East is a region particularly vulnerable to cyber attacks due to its strategic importance and the presence of critical infrastructure such as oil and gas facilities, financial institutions, as well as government agencies. As a result, the demand for security and risk management solutions is expected to continue to grow in the region.
According to a report issued by MarketsandMarkets, the cybersecurity market in the Middle East is expected to grow from $15.6 billion in 2020 to $35.4 billion by 2026, with a compound annual growth rate (CAGR) of 15.2% during the expected period.
The adoption of cloud computing and digital transformation initiatives in the Middle East is also increasing the need for cloud security solutions. As more companies move their operations to the cloud, they need to ensure that their data and applications are safe from cyber threats.
In this context, a study conducted by Cybersecurity Ventures expects that global spending on cloud security solutions will exceed $12 billion by 2024, compared to $5.6 billion in 2018. Also, the increasing use of mobile devices and the Internet of Things (IoT) in the Middle East It also creates new security challenges.
With more devices connected to the Internet, there are more potential entry points that cyber attackers can exploit. As a result, there is a growing need for solutions that can secure these devices and protect against potential threats.
A report by Gartner estimates that there will be 25 billion devices connected to the Internet by 2021, compared to 11 billion in 2018, leaving a huge attack surface for cybercriminals.
Worryingly, the Middle East, just like the rest of the world, suffers from a shortage of cybersecurity talent, making it difficult for organizations to manage their security needs and manage risks effectively.
On the positive side, this creates opportunities for security service providers and other third-party security service providers to offer their services to businesses in the region.
According to a report issued by Frost & Sullivan, the global security services market was expected to reach $47.65 billion by 2023, with a compound annual growth rate of 14.7% from 2018 to 2023.
The Middle East is home to a number of startups and innovative companies in the field of cybersecurity (Reuters)
An evolving landscape and startups
The Middle East is home to a number of innovative cybersecurity startups and companies working to develop cutting-edge solutions to address the region's unique security challenges. These companies attract investments from local and international investors and contribute to the growth of the cybersecurity industry in the region.
According to a report issued by MAGNiTT, the Middle East and North Africa region is home to more than 150 startups in the field of cybersecurity, and investment in these startups has increased by more than 60% in the past five years.
The Middle East is also witnessing increasing cooperation between governments and private sector organizations to confront cybersecurity challenges. The governments of the region are working to develop national strategies and frameworks for cybersecurity, and are establishing partnerships with private sector institutions to exchange information and expertise.
This region also faces geopolitical tensions and conflicts that create new risks to cybersecurity. Cyber attacks are increasingly being used as a tool of war and espionage, making the region a target for state-sponsored cyber attacks.
Artificial intelligence and new challenges
As for spending on cyber infrastructure, Gartner expects spending on security and risk management in the Middle East and North Africa region to grow by 12.1% in 2024, reaching a total of $3.3 billion.
The evolving regulatory landscape and the increasing frequency of cyberattacks are prompting business risk management leaders to increase their spending on security measures, as organizations work to strategically improve their defenses, by adopting advanced technologies and security solutions that enable them to proactively identify potential vulnerabilities or malicious activity across various platforms. digital.
In 2024, data privacy spending in the MENA region is expected to record the highest growth rate among all sectors, with an increase of 24% year-on-year.
The adoption of multi-cloud environments has also increased security complexity, driving demand for cloud-based detection and response solutions, such as endpoint detection, incident response, and management tools.
With the emergence of artificial intelligence on the scene, the challenges have increased. According to Shailendra Upadhyay, senior research director at Gartner, the rapid growth of generative artificial intelligence (GenAI) is expanding the threat landscape. The emergence of generative artificial intelligence (GenAI) as a key capability is causing significant disruption to the digital and business sectors.
Gartner predicts that generative AI will significantly increase cybersecurity resources needed to secure it, causing more than 15% additional spending on applications and data security by 2025.
The adoption of multiple cloud environments has also led to increased security complexities (Getty)
IT managers must prioritize two of the most important cybersecurity trends to effectively manage generative AI challenges, and address other external factors, including security and talent shortages, growing regulatory concerns, and the rapid adoption of cloud technology. These two trends will help improve organizational resilience and cybersecurity function performance.
The first trend is exploring the potential and risks of generative AI, where applications of large linguistic models (LLM) have been put on the agenda for inclusion in many business, IT and cybersecurity roadmaps.
Generative AI creates new attack surfaces, which security leaders must be prepared to defend. To reduce its risks, application and data security programs must adapt to accommodate this new way of using technology to do business. Organizations must also establish policies governing the use of applications of this type of artificial intelligence and develop training and guidance modules.
This will help reduce unauthorized use of generative AI, and reduce the risk of privacy and copyright infringement. Additionally, companies must update their application and data security practices to incorporate new attacks, such as claims or coordination layers used to control AI models.
The second trend is security behavior and culture programs, where the popularization of generative AI amplifies the security challenges that organizations can face. This nature of generative AI also enables employees to have unfettered access to powerful technical capabilities that, if used without due care, could lead to a data breach.
Source: websites