With major financial consequences, hackers now mostly target the Middle East and North Africa (MENA) area. The region’s average financial loss from security events in 2015 came out to be a shockingly USD 2.5 million. This concerning figure has increased demand for strong cybersecurity solutions, which has led security firms—especially in Bahrain—to grow in presence and strengthen protection all throughout the MENA scene. These firms are very vital in protecting infrastructure and private information, building market trust, and finally increasing the appeal of the area to investors and other security-oriented organizations. Before you choose the right cyber security trends here are the things that you should know about.
Bahrain: Center of Cybersecurity Development
Bahrain is clearly a perfect place for cybersecurity companies trying to expand their operations or show their regional presence. Given the concerning numbers showing 56% of Middle Eastern firms lost over $500,000 from cyberattacks in 2015 compared to the worldwide average of 33%, this is very pertinent. The disparity emphasizes the MENA region’s pressing need for improved cybersecurity policies and Bahrain is starting to take center stage in tackling this issue. Comparatively to 53% worldwide, only 37% of companies in the area have thorough security and training programs; so, there is much space for development and investment in the cybersecurity sector.
Untapped Potential and Previous Mistakes
Past events such the 2013 ATM cyber-heist costing UAE and Oman banks over USD 45 million and the deadly 2012 Shamoon assault on Saudi Aramco highlight the region’s vulnerability to cybercrime. Bahrain alone boasts more than 400 financial institutions, hence constant cybersecurity education and improvement is very vital. Bahrain’s dedication to a Cloud First Policy opens fresh chances for cybersecurity firms providing solutions to protect cloud-based infrastructure. The mix of current weaknesses and new cloud-based technologies exposes the industry to cyber attackers, thereby stressing the requirement of fresh cybersecurity solutions and chances for cybersecurity companies.
Human capital and a strategic testbed
Bahrain’s search of improved cybersecurity solutions depends on a qualified personnel in this field. Bahrain has essentially closed the skills gap in the MENA cybersecurity market with over 900 yearly ICT graduates, a cost-competitive workforce, and several colleges and technical institutions providing ICT courses. Considered great national assets benefiting both public and commercial sectors, these talented experts include Bahrain also provides access to Saudi Arabia’s huge market, therefore acting as a gateway to the GCC. Its close proximity to Saudi Eastern Province via the King Fahd Causeway makes it a perfect testbed for cybersecurity companies to test fresh ideas and solutions before rolling them out across the larger area.
Bahrain’s Action Call to Address
The fact that various businesses that have previously made investments in Bahrain’s cybersecurity industry exist helps to confirm Bahrain’s position as a regional cybersecurity center. The environment offers cybersecurity companies plenty of chances to not only defend companies with innovative security solutions but also expand and use the business-friendly policies of the nation. Bahrain is aggressively building a vibrant cybersecurity ecosystem to offset growing threats and guarantee the security of the area with great government backing, a trained IT workforce, and special market prospects.
