Information Technology (IT) security service provider COMGUARD announced that it is opening two offices to serve the Middle East region. The company plans to offer vendor-neutral IT security consulting and implementation services from its new regional headquarters within the Dubai Internet City (DIC) in the United Arab Emirates (UAE), as well as a branch in the Saudi capital of Riyadh.
COMGUARD’s team provides solutions that will enable Middle East-based companies to prevent internal and external IT security threats, such as financial fraud, data corruption, Internet abuse, and unauthorized use of corporate assets. COMGUARD also works with its clients to counter hacking attacks and supports them with forensic research.
"The relative personal safety found in a region like the Gulf unfortunately does not extend to the business community in the Middle East—the global reach of the Internet as well as the transience of the region's workforce and its political nature actually raise the IT security risks of companies based here," commented Herbert Kamensky, managing director for COMGUARD in the Middle East.
"Fortunately, the growing awareness about the need for a comprehensive security strategy, as well as the willingness of regional companies to invest in technology, make the Middle East an exciting and viable long-term market for COMGUARD. By investing directly in the region, we plan to greatly increase the peace of mind that regional executives have about IT security," he added.
According to several analyst firms and available statistics from the World Trade Organization (WTO) the total security market in the Middle East and North Africa (MENA) region this year will be about $140 million, of which $48 million, some 34 percent, will come from the UAE and the Kingdom of Saudi Arabia together.
Furthermore, according to analyst firm IDC, the worldwide market for intrusion-detection and vulnerability-assessment hardware and software alone increased by more than 90 percent from 1999 to 2000, to $539.5 million.
To address the regional need for these and other security technologies, COMGUARD signed several agreements with security vendors, which provide solutions for projects in the Middle East. COMGUARD executives estimate that the company can garner substantial market share within the first eighteen months of its operations.
The recent Computer Security Institute/FBI Computer Crime and Security Survey for 2001, noted that of the more than 530 companies participating, 91 percent had detected security breaches over the last 12 months, 64 percent reported financial losses resulting from security breaches, and 94 percent reported damage from computer viruses. These breaches occurred despite 98 percent of the respondents utilizing anti-virus software, 95 percent having a firewall and 61 percent deploying intrusion detection technology.
"In COMGUARD's analysis of the Middle East market prior to our launch, we determined that there are two primary issues hindering the growth of IT security on a regional basis. First, companies in the region may recognize the importance of security, yet they are unwilling to commit the necessary resources because they don't realize the extent of their own vulnerability. Second, there are forward-thinking companies in the region willing to implement security technology and policies, but they don't regard security as an ongoing effort, which again leaves them vulnerable to new threats," noted Herbert.
In order to build market presence immediately, COMGUARD plans to target a number of industries with its security services, including the financial, telecoms, health, petrol, and government sectors.
ComGuard FZ-LLC is an IT security solutions provider offering technology-driven security solution to the Middle East businesses and government organizations. ComGuard security services and solutions are independent of any and all ties to industry products — (menareport.com)
© 2002 Mena Report (www.menareport.com)
