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 important.
According to Statista's Market Insights estimates, the global cost of cybercrime is expected to rise sharply over the next four years, 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, disruption of the normal course of business after an attack, forensic investigation, restoration and deletion of hacked data and systems, and damage to reputation .” Cyber attacks are increasingly sophisticated, frequent and damaging, targeting critical infrastructure, sensitive data and organizational operations. Traditional cybersecurity measures that primarily focus on defense are no longer sufficient to combat these dynamic threats.
Organizations now face the challenges of digital transformation, the rise of connected devices and sophisticated cyber attacks. This has created a critical need for a hyper-resilient approach to cybersecurity.
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 more capable of responding to threats.
With advances in technologies such as AI, IIoT and hybrid cloud, Saudi Arabia faces new cybersecurity challenges that highlight the critical need for highly resilient cybersecurity measures to protect the country's digital infrastructure and economic interests.
Saudi Arabia is at the forefront of this movement through Vision 2030 and various cyber security initiatives such as the establishment of the National Cyber Security Authority, increasing its cyber security and digital preparedness to protect its growing digital economy and infrastructure.
According to the Global Competitiveness Yearbook 2024 report published by IMD, the kingdom ranked first in the Global Cyber Security Index and second in the Digital Transformation Index and Technology Development and Applications Index.
The use of convenient digital platforms like 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 percent of its GDP by 2030, up from 5.48 percent in 2021.
“With cyber threats constantly evolving, 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 frontiers of a hyper-resilient cyber realm where cybersecurity is not just an insurance policy, but a strategic advantage that drives Saudi Arabia's digital future,” said Samir Omar, Chief Security Strategy Advisor and CEO of Virtuport.
Virtuport's MENA Information Security Conference 2024 is emerging as a key 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 pioneering solutions.
“The MENA ISC plays a key role in building Saudi Arabia's cyber security capacity and serves as a cornerstone 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 enables us to work with local businesses and government entities, 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 sharing, networking and collectively strengthening our cyber defenses, ultimately advancing regional cyber resilience.” said Avinash Advani, CEO of CyberKnight.
