In this digital age, it’s difficult to imagine life without technology where information is disseminated incessantly around cyberspace. Although the new era of digitization offers huge economic and social opportunities, it also alters the nature and magnitude of cyber risks and creates new vulnerabilities cyber attackers seek to exploit. An open, safe and secure cyberspace is indispensable for the reliable functioning of regional economies.
Cybercrime is estimated to cost the world a whopping USD10.5 trillion annually by 2025. Just in 2021 alone, at an approx. rate of USD190,000 per second, Cybercrime is estimated to inflict damages worth USD6 trillion globally and that would be the world’s third-largest economy after the U.S. and China – If it were measured as a country. The latest forecast for global ransomware damage costs is to reach $20 billion by 2021 way more than it was in 2015.
The Middle East cybersecurity market is projected to grow from USD15.6 billion in 2020 to USD29.9 billion by 2025, at a CAGR of 13.8% during the forecast period in the post-COVID era.
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