KSA has witnessed an upsurge in the demand for cybersecurity experts amid rising concerns regarding cyber threats in this Kingdom.
Introduction
Compared to 2022, however, there were more analysts in Saudi Arabia in 2023. There was also a 353 percent from last year for searches related to cybersecurity jobs.
This was an increase in demand jump that coincides with increased cybersecurity dangers for Saudi Arabia,” stated Victor Zyamzin, Global Head of Business Development at Qrator Labs. “Cyber threats against Gulf countries are among the most often targeted globally.”
Victor Zyamzin spoke with Al Arabiya English.
He clarified that though the global threat of cyberattacks is very serious, the region’s rapidly growing building, urbanization, and other projects will probably make things much worse.
As Saudi Arabia’s assets expand and grow, so will the savvy attacks in terms of cybersecurity. Said accordingly, therefore, a business that is not equipped to handle the more simplistic attacks will have a higher risk.
According to a recent study by IBM, the average cyberattack on an enterprise in Saudi Arabia or the United Arab Emirates cost a staggering $6.53 million, 69% more than the global average, reported.
According to my observations, losses from cyberattacks usually are tens of thousands to millions of dollars,” said Zyamzin. Costs are shared between loss of reputation and real financial consequences.
“Reputational losses include the fact that the partners and the potential clients’ faith diminishes and this may be comparatively serious. Conversely, direct losses are incurred in lost business opportunities, dangerous business deals, fines by the government, and other related matters.
According to the global head of commercial development, Saudi Arabia has overcome tremendous cybersecurity challenges to reach this level.
“I think Saudi Arabia is an excellent model for the surrounding countries and can be a source of practical tools toward such support in the region, at least in the Middle East and North Africa,” he said.
The Kingdom has greatly enhanced its cyber security efforts over the past years, he added.
“For example, the kingdom unveiled last year its cybersecurity toolkit 2.0, data cybersecurity controls, operational technology cybersecurity controls, and a guide to establishing critical cybersecurity controls,” he added.
“In addition, the nation ratified the Personal Data Protection Law that will come into effect as of September 2024 and regulate how personal data is to be dealt with in the digital world, focusing on security and privacy aspects,” he noted.
Zyamzin pointed out that the nation will no doubt be able to provide more data for global awareness as resource security grows.
Key Drivers of Expansion
The Saudi cybersecurity market is booming; in 2023, it was estimated at US$ 3.68 billion and is going to grow between 2024 and 2032 at a compound annual growth rate of 12.98%.
The trend of digitalizing the world brings a need to reduce the risks because of cyber-attacks and fosters substantial growth in the market. Strong cybersecurity measures are inevitable with deeper penetrations of enterprise and government moves into digital transformations – something observed in recent increases in the sophistication and frequency of cyber-attacks. This market requires the protection of data, applications, and infrastructures from intrusions and breaches and calls for great diversity in the products and services. A basic requirement of network security, cloud security, endpoint security, and threat intelligence comes under it.
Strong regulations on data protection, the immense reach of cloud computing to the masses, and the severe cybercrimes that have been costing economies billions of dollars every year are significant growth drivers in this market. The use of leading technologies like blockchain, artificial intelligence, and machine learning has also advanced the security operations’ efficiency and effectiveness through advanced detection and response capabilities.
Conclusion
While the cybersecurity industry is witnessing the trend of more proactive and predictive security procedures beyond the more classic reactive methods, strategic focus becomes the requirement – more so for organizations, governments, and people to stay ahead of highly skilled cyber attackers. For it is now an integral part of enterprise risk management, the market has significant room for growth considering the important role it plays in ensuring that our digital world works securely and reliably.
Frequently Asked Questions (FAQs)
What is security testing?
Security testing is an important feature of software testing that focuses of pinpointing and addressing gaps in the security apps.
What is QA in security testing?
It is ensuring that digital systems and software meet supreme quality security standards and functionality.
What are three sorts of security tests?
Vulnerability scanning
Pen testing
Risk assessment
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