As Saudi Arabia continues its ambitious transformation under Vision 2030, the ability to adapt, overcome challenges and thrive in the face of adversity has never been more crucial.
According to estimates from Statista's Market Insights, the global cost of cybercrime is expected to increase over the next four years, rising from SR 34.5 trillion in 2024 to SR 51.82 trillion by 2028.
Cybercrime is defined as “damage and destruction of data, theft of money, loss of productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption of the normal course of business, forensic investigation, restoration and data deletion and hacked systems and reputational damage.” Cyber attacks have become increasingly sophisticated, frequent and damaging, targeting critical infrastructure, sensitive data and organizational operations. Traditional cybersecurity measures, which focus primarily on defense, are no longer sufficient to combat these dynamic threats.
Organizations now face challenges related to digital transformation, the growth of interconnected devices and sophisticated cyber attacks. This has created a critical need for a hyper-resilient cybersecurity approach.
Hyper-resilient cybersecurity refers to the concept of building cyber systems and networks that are hyper-resilient – able not only to withstand and recover from attacks, but to actually become stronger and better able to respond to threats.
With advances in technologies such as AI, IIoT and hybrid cloud, Saudi Arabia faces new cybersecurity challenges, highlighting the critical need for hyper-resilient cybersecurity measures to protect the nation's digital infrastructure and economic interests.
Saudi Arabia, through Vision 2030 and various cyber security initiatives such as the establishment of the National Cyber Security Authority, is at the forefront of this movement, enhancing its cyber security and digital preparedness to protect its growing economy and digital infrastructure.
The Kingdom ranked first globally in the Cyber Security Index and second globally in both the Digital Transformation Index and the Technology Development and Application Index, according to the Global Competitiveness Yearbook 2024 report issued by IMD.
The use of convenient digital platforms such as Absher, Qiwa, Nusuk and many others for government services are among the factors responsible for the Kingdom's global recognition on the cyber front. In addition, Saudi Arabia aims to increase the contribution of its digital economy to 19% of GDP by 2030, from 5.48% in 2021.
“In the face of ever-evolving cyber threats, true resilience requires more than robust defenses. It requires a proactive, adaptable mindset – one that embraces innovation, anticipates the unexpected and empowers our people to be the first line of defense. Join us as we explore the hyper-resilient cyber frontiers, where cybersecurity is not just protection, but a strategic advantage that propels Saudi Arabia's digital future,” said Samir Omar, Chief Security Strategy Advisor/CEO at Virtuport.
The Virtuport MENA Information Security 2024 conference emerges as a crucial platform to address the evolving cyber security landscape. Now in its 12th edition, MENA ISC 2024 will bring together top industry leaders such as Salam, CyberKnight and Cyber Polygon, visionaries, market innovators and experts to discuss the latest cyber security challenges and share innovative solutions .
“The MENA ISC plays a critical role in developing Saudi Arabia's cybersecurity capability, serving as a stepping stone to foster collaboration and innovation among industry leaders. For CyberKnight, this event is an invaluable platform to demonstrate our commitment to improving cyber security in the region. It allows us to engage with local businesses and government entities, showcase state-of-the-art solutions and contribute to the Kingdom's Vision 2030 of a secure digital future. Our participation underscores the importance of such gatherings in facilitating knowledge sharing, networking and collectively strengthening our cyber defenses, ultimately leading to regional cyber resilience.” said Avinash Advani, CEO at CyberKnight.
