Cybercrime is wreaking havoc globally, costing governments and businesses trillions every year. In the Middle East, countries like Saudi Arabia and the United Arab Emirates stand out, with incidents in 2023 costing over $8 million each. This financial damage ranks them second globally.
Despite efforts to enhance cybersecurity, the costs in these countries have been rising over the years. The increase can be attributed to the rapid growth of e-commerce and internet penetration, resulting in more vulnerabilities. Although the UAE and Saudi Arabia have made strides in digitalizing public services, gaps in cybersecurity measures persist.
Additionally, politically motivated cyberattacks are wielded as weapons in regional conflicts, with state-sponsored hacker groups targeting critical sectors. While Iran has engaged in aggressive cyber espionage against Gulf states, the Gulf states themselves, lacking offensive cyber capabilities, rely on Israel and the US, fostering diplomatic ties.
Ransomware remains a prevalent threat, especially to wealthy organizations in the Middle East like sovereign wealth funds and oil companies. This escalating cyber risk underscores the urgent need for robust cybersecurity measures amidst rapid digital transformation in the region.
