While the UAE has seen an incredible increase in cyber security investment in recent years, the number of cyber attacks against the Persian Gulf country has also hit records.
Badr Al Alma, Director General of Abu Dhabi Investment Office, announced in a statement this Friday that the UAE’s cyber security market is rapidly outpacing the global average growth and is on track to reach $1.07 billion by 2029, with an average annual growth rate of 12.72 percent.
“With a track-record of investment in the digital sector and a clear focus on industries of the future, Abu Dhabi has established itself as a regional economic powerhouse, empowering businesses to lead the forefront of technological development,” said Badr Al Olama, director general of Abu Dhabi Investment Office.
The UAE’s cyber security sector, currently valued at $540 million, continues to expand through increased targeted investments in cloud security, endpoint protection, and solutions to prevent cyberattacks and data loss.
The global cybersecurity industry is expected to grow from USD 190.4 billion in 2023 to a market value of USD 298.5 billion by 2028 at a CAGR of 9.4%.
But this good news is overshadowed for the oil-rich country by the fact that cyber attacks against the UAE have increased by 30 percent this year compared to last year, even as governments and businesses around the world continue to invest in protecting sensitive data, with key applications in banking and financial services and information technology in the UAE.
Cyber threats on the rise in UAE; Third in global rankings!
Al Olama also noted in his Friday statement that the country ranks third in the world in combating cyber attacks and dealing with cyber threats.
According to Dr. Mohammad Al-Kuwaiti, the head of cyber security of the United Arab Emirates government, the number of recent attacks has increased due to the escalation of regional tensions.
“The UAE has been under cyberattack for a long time, and recently, because of the geopolitical aspects, the number of attacks, be it in the frequency, quality and volume, really increased dramatically. As a matter of fact, whoever follows many of those attacks, the UAE is the third nation worldwide under attack,” Al Kuwaiti said in a press conference this Friday.
The UAE has been recently ranked first in the United Nations’ Global Cybersecurity Index, reflecting great efforts from of government, private, academia, and all other ecosystem players. However, the country has been under cyber-attacks for a long time and recently, due to geopolitical aspects, the number of attacks, both in terms of frequency, quality and volume, have increased dramatically. “The UAE faced 200,000 cyber attacks in one week, which is unprecedently high compared to many other countries who are pioneers in cyber space” Al Kuwaiti also noted.
