Recognizing potential: MENA cyber-security market crosses $25 billion mark
Cyber security market is growing 10 per cent year-on-year globally and estimated to be $66 billion while the Middle East’s market size is expected to cross $25 billion mark in the next decade.
This was disclosed by Guy Meguer, general manager in Middle East for CyberSecurity at Airbus Defence and Space, at a news conference on the sidelines of the second edition of Gulf Information Security Expo and Conference (GISEC) in Dubai.
A lot of investment has been done by the UAE in cycbersecurity, Meguer said, adding that the country’s market size is nearly 40 per cent of the region’s total spending, which is great and important. Citing examples of Saudi Arabia, Oman and Qatar, he said that other countries are also doing in same way.
During the news conference, the company unveiled its new cyber security solutions for the region, which is already popular in Europe. The company’s new security solution is in two parts — Keelback and StormShield — and compliment each other, he said, adding that target sectors are banking, oil and gas companies and top government departments in the region.
Without disclosing the name Meguer said Airbus Defence and Space has been awarded a contract by a major Middle Eastern oil and gas company to undertake a security audit of the company’s IT and Industrial Control Systems (ICS).
The purpose of the audit is to test all deployed safeguards to identify any weaknesses that could be exploited by hackers to infiltrate the company’s IT or ICS. Airbus Defence and Space cyber teams are checking the infrastructures, wired and wireless network access, services and applications, so as to uncover all potential vulnerabilities that could be exploited by hackers to infiltrate PCs, plant malware and eventually breach the system.
The hackers’ aim usually is to bury deeper and deeper into the system so that they are able to gain control, extract data and/or inflict maximum damage on the targeted company. “For several years, this region has been targeted by wide-scale cyber attacks, for espionage or sabotage means, resulting in serious damage caused to companies and facilities. That is why our CyberSecurity experts have developed a systematic audit process to find any potential vulnerabilities,” Meguer explained.
The company offers its latest technology solution, named Keelback, capable of identifying cyber attacks, to provide continuous monitoring and immediate alarms, and if need be to stop intrusions. StormShield provides complete protection to clients’ workstations and servers.
Meguer said: “Our innovation is focused on delivering security without compromise to companies of all sizes against ever more frequent and prominent attacks, including APTs. Our solutions provide the highest standards of reliability and ensure that the most sensitive information can be adequately protected against security breaches.”