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In a new report, market research firm Visiongain forecasts the cyber security market in the Gulf region (GCC) to see $7.1 billion in spending in 2018.
The Gulf region contains a significant share of the world’s energy resources, and there has been an increased usage of personal internet and smart devices for banking applications over the past few years, which has made the banks vulnerable to phishing and DDOS attacks. These are a few of the factors that have made GCC region more vulnerable to cyberattacks, according to Visiongain.
The report adds that a major cyber security trend right now is an increase of mainstream awareness among organizations of all sizes when it comes to protecting their information. The rise of ransomware and very public hacks into small businesses, non-profit organizations, and even government agencies have brought these issues to the forefront for everyone. Because of this, organizations are witnessing a general increased level of investment by every company trying to protect their sensitive data.
Cyber security has become an emerging concern for the organizations in the Gulf region, Visiongain notes. With increased usage of smart phones and social media, companies need to be prudent regarding their online safety policies.