A recent survey conducted by Deloitte revealed that more than half of cybersecurity leaders in the Middle East are facing a significant challenge due to lack of funding. According to the research, 51% of respondents pointed to this issue, compared to 36% of security leaders worldwide.
The Middle East and Africa region is set to see a considerable rise in cybersecurity spending, which is projected to surpass $238 billion by 2024. This is a significant increase from the forecasted $2.6 billion in 2022, particularly in light of the growing number of cyberattacks targeting entities in these regions.
Guy Rosenthal, vice president of product at DoControl, emphasizes the increasing focus and concern about cybersecurity in markets such as the Middle East. He believes that organizations in this region are now being forced to allocate more resources to cybersecurity as they become targets for malicious threat actors.
Rosenthal also highlights the fact that while cybersecurity spending varies from one organization to another, the process of ramping up a cybersecurity program has become easier and more manageable, without the technical debt of long-standing cyber programs. This allows security leaders to explore and embrace new innovations such as enterprise browsers, secure web gateways, and zero trust initiatives.
In addition, Jose Seara, CEO and founder at DeNexus, points out that the adoption of tools built on automation and artificial intelligence can be easier and faster to deploy, as well as more effective in detecting new generations of cyber threats. He believes that evidence-based data can help organizations optimize their cybersecurity budget to address the most acute cybersecurity weaknesses.
The survey also highlighted the importance of training and certification programs in engaging, retaining, and developing cybersecurity talent. Nearly 70% of respondents identified these programs as key factors in nurturing the cybersecurity workforce. Tariq Ajmal, cyber leader at Deloitte Middle East, emphasized the availability of training programs and certifications in the region, particularly in light of the prominence of the English language in the business ecosystem. Ajmal stressed the importance of raising awareness among organizations about the need for real investment in cybersecurity, as cyber threats continue to deepen their impact on every sector and industry.
Overall, the survey underscores the increasing focus on cybersecurity in the Middle East and the growing awareness of the need for adequate funding, innovative solutions, and training programs to address the evolving cyber threat landscape. As the region continues to face cybersecurity challenges, organizations are expected to prioritize and allocate more resources to safeguard their digital assets and infrastructures.