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Products Development of Middle East Cyber Security Market in Industry

The Middle East region is over the years has been primarily dominated by oil and gas producing companies. These industries feed the demand of oil and gas globally. The energy industry in itself is a volatile market and differences in demand and supply of oil and gas cause the prices to fluctuate rapidly. The Middle East region has also faced rapid economic development due to the energy sector in this region.

In the past two years this region has also witnessed the increase in cyber security attacks, particularly in energy, utilities and oil and gas. Attackers have targeted both business organizations and personal users. Saudi Aramco, is one of the regionís biggest oil producers faced a massive virus attack in 2012. This caused massive loss of data and the company had to replace the hard drives of many systems within the organization. From the past few years, it has been witnessed that majority of enterprises are under the threat of hackitivists, anticipating the growth of cyber security market.

Threat of advanced cyber attacks has caused the growth of cyber security products and services in the Middle East. Cyber security involves the use of technologies such as antivirus, intrusion prevention systems, firewalls, data encryption and protection effectively to detect and mitigate cyber attacks to a system. As threats have advanced, cyber security technologies have also been developed to prevent the most complicated threats. UTM and DDoS Mitigation are two such cyber security technologies that have evolved rapidly and are currently being deployed in many industrial organizations in the Middle East. Similarly, other industry verticals such as BFSI and defense have taken a proactive approach in deploying cyber security technologies and services in their IT infrastructure. In Middle East, BFSI sector is spending heavily on cyber security solutions, since this industry is an urgent need of replacing their traditional solutions. The traditional BFSI cyber security solutions are highly susceptible towards cyber attacks.

The government and other agencies have been active in enforcing regulations such as PCIDSS that make the use of cyber security systems compulsory for an organization. Collective efforts of the countries in this region has led to the formation of Computer Emergency Response Team (CERT), a group of cyber security experts that help to mitigate advanced threats. This team is highly active in few gulf countries including UAE, Saudi Arabia, Kuwait and Turkey.

Related Reports:

Middle East Cyber Security Market by Technologies (IAM, DLP, UTM, IDS/IPS, Firewall, Risk & Compliance Management, Antivirus, SVM/SIEM, Disaster Recovery, DDOS Mitigation, Encryption, Web Filtering) & by Services - Market Forecasts and Analysis (2014-2019)

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