As Saudi Arabia continues its ambitious transformation under Vision 2030, its ability to adapt, overcome challenges and thrive in the face of adversity has never been more important.
According to Statista Market Insights, the global cost of cybercrime is expected to soar over the next four years, rising from 34.5 trillion riyals in 2024 to 51.82 trillion riyals in 2028.
Cybercrime is defined as “the loss and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial information, embezzlement, fraud, disruption of normal operations following an attack, forensic investigation, recovery and deletion of hacked data and systems, and damage to reputation.” Cyberattacks are becoming more sophisticated, frequent, and damaging, targeting critical infrastructure, sensitive data, and organizational operations. Traditional cybersecurity measures, which focus primarily on prevention, are no longer sufficient to combat these dynamic threats.
Today’s organizations are facing challenges from digital transformation, the rise of connected devices, and sophisticated cyberattacks, which necessitate a highly resilient cybersecurity approach.
Resilient cybersecurity refers to the concept of building highly resilient cyber systems and networks that are not only able to withstand and recover from attacks, but are also more robust and capable of responding to threats.
With the advancement of technologies such as AI, IIoT and hybrid cloud, Saudi Arabia faces new cybersecurity challenges, highlighting the critical need to adopt highly resilient cybersecurity measures to protect the country’s digital infrastructure and economic interests.
Saudi Arabia is at the forefront of this movement, promoting cybersecurity and digital readiness to protect its growing economy and digital infrastructure, through Vision 2030 and cybersecurity initiatives such as the establishment of the National Cybersecurity Authority.
The Kingdom of Saudi Arabia tops the global Cybersecurity Index and ranks second globally in both the Digital Transformation Index and the Technology Development and Application Index, according to the Global Competitiveness Yearbook 2024 released by IMD.
The convenient use of digital platforms such as Absher, Qiwa, Nusuk and many more for government services is one of the factors that has made Saudi Arabia gain global recognition in the cyber space. The kingdom also aims to increase the contribution of the digital economy to 19 percent of GDP by 2030, up from 5.48 percent in 2021.
“In the face of ever-changing cyber threats, true resilience requires more than just strong defenses, but also a proactive and adaptive mindset that embraces innovation, anticipates the unexpected, and empowers our people as the first line of defense. Join us as we explore the highly resilient cyber landscape, where cybersecurity is not just about defense, but also about strategic advantage that drives Saudi Arabia’s digital future,” said Samir Omar, Principal Security Strategic Advisor/CEO, Virtuport.
Virtuport's MENA Information Security Conference 2024 is a key platform for addressing the evolving cybersecurity 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 cybersecurity challenges and share innovative solutions.
“MENA ISC plays a key role in building Saudi Arabia’s cybersecurity capacity, serving as a foundation for fostering collaboration and innovation among industry leaders. For CyberKnight, this event is an invaluable platform that demonstrates our commitment to promoting cybersecurity in the region, allowing us to engage with local businesses and governments, showcase cutting-edge solutions, and contribute to the Kingdom’s 2030 Vision for a secure digital future. Our participation underscores the importance of such gatherings in facilitating knowledge exchange, networking, and strengthening collective cyber defenses, which ultimately drives the region’s cyber resilience forward,” said Avinash Advani, CEO of CyberKnight.
