During their participation in a seminar organized by NGN International, a Bahraini IT systems integrator and security services provider, technical experts from major Bahraini companies stated that most Bahraini companies, particularly SMEs, still require more expenditure on cybersecurity protection.
This is required to avoid the significant damage that could befall it in the event of a cyber-attack that results in the theft or extortion of its data.
The seminar was held at NGN headquarters in the World Trade Center, under the topic “How to secure your cybersecurity budget?”, and came within the activities of “NGN Majlis” to promote cybersecurity awareness.
The experts stated that the global market size of the cybersecurity industry is expected to reach about $326 billion by 2027. This is according to Grand View Research, with a growth of 10% annually, starting from 2020. These estimations are based on the increase in digitization and the rapid development in the fields of cloud, big data, IoT, and AI. They also noted that the Kingdom of Bahrain is on the right track in terms of ensuring the security of applications, clouds, data, and the protection of Internet infrastructure.
The event was moderated by Mr. Ali Beshara, Head of Information Security & Risk Management at The Benefit Company. The key speakers included Ms. Layla Alqassab, Chief Financial Officer at The Benefit Company, Mr. Aman Khan, Head of Finance & Administration (CFO) at Khaleeji Commercial Bank, and Mr. Khalid Waheed Abdulrahman, Chief Information Security Officer at Al Baraka Islamic Bank, and Mr. Alaa AlBahrani, Senior Manager, Information & Cyber Security at Ahli United Bank.
They stated that cybersecurity has become one of the major risks confronting business leaders in Bahrain, the region, and the world, citing reports indicating that institutions around the world experienced a nearly 500% increase in ransom-demand attacks. Furthermore, 83% of those organizations reported an increase in cyber-attacks because of remote work.
The panelists also discussed how to best allocate funds and resources through effective strategies and how to craft a winning cybersecurity budget plan. Furthermore, budget and costs, are pressing priorities for companies when implementing cybersecurity solutions, and the most effective and economical ways to deal with cyber threats and comply with digital legislation.
To ensure that a cybersecurity budget plan is more effective, the seminar addressed how a clear, simple, and measurable cybersecurity strategy functions. A proactive security method to secure the company’s cyberspace, in addition to the significant influence that cybersecurity has on businesses in the modern-day workplace.
The seminar also covered the fact that cybersecurity is not a one-size-fits-all solution but may be implemented at various levels depending on the company’s financial capacity to protect itself from cyberattacks, execute essential business processes, and provide services as needed.
“NGN Majlis” is a social responsibility initiative developed by the “NGN Company” to boost both businesses’ and individuals’ awareness and comprehension of cyber risks and enable them to adopt safer online activities. In addition to educating stakeholders in the public and private sectors, as well as individuals, about potential cyber risks, they may face online and their roles and responsibilities to create a safer cyberspace.