April 19, 2017

The Gulf's Rapidly Growing Cyber Security Sector Offers Opportunities for British Exporters

Code is being weaponised and the Gulf is a high-value target. With rapid digital transformation, experts warn cyberattacks in the region will rise.

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PS Advisory UK analysis on Gulf region cyber security sector growth and British export opportunities

The emergence of cyber security as a global industry is a direct result of the weaponization of code. In 2004, the global cyber security market was worth $3.5 billion. By 2017 it is estimated to be worth $120 billion.

Cyber security has emerged as a major issue for the Gulf States. As Gulf nations such as the UAE forge ahead with developments such as eGovernment, smart cities and other online-based strategies, the potential for attacks will only grow.

Amir Kolahzadeh, managing director of ITSEC, pointed to 85 percent of UAE residents being online. The UAE is a major target because of its glamour and vision.

The Arab Gulf States Institute in Washington believe cyber attacks in the region cost US$1 billion a year.

Mike Weston, vice president of Cisco Middle East, said the shortage of cyber security professionals was likely to grow rapidly to 1.5 million by 2019.

Source: PS Advisory

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