While Saudi Arabia’s claims nearly half of the region’s cyber security market estimated at $5.2 billion, it is set to grow an astonishing 57 per cent to $3.48 billion by 2019, according to experts.

Four years ago, the Saudi IT market was forecasted to be worth $12 billion by 2016. However, last year, this was adjusted rather dramatically and the Saudi IT market is now predicted to reach $35.9 billion by the end of 2016, a 3.8 percent year-on-year growth rate.

A recent article highlighted that cyberattacks targeting key installations cost an estimated $1 billion annually to the Gulf Arab states, and these do not take into account losses from hacker groups that target businesses. In the wake of these losses, resources to overcome the current and emerging risks and threats of cyberattacks are being increased.

In their support of Saudi Arabia’s strategy for IT development, over 150 CIOs, CISOs and other security decision makers will meet privately at the 8th Cyber Defence Summit on March 22 and 23, at the Four Seasons Hotel in Riyadh, Saudi Arabia.

They will discuss crucial challenges and seek solutions from leading cyber security solution providers, and benefit from knowledge sharing by taking part in panel discussions and security presentations.

Organised by multinational business facilitation company Naseba, the summit is chaired by Dr Basel Al Omair, founding director, National Center for Cybersecurity Technology (C4C), KACST.

“Cyber security awareness and adoption in the Kingdom has increased remarkably over the past few years, and a lot of novel research is being done by national centers such as ours, but we are still far from detecting and defending all threats and attacks. The upcoming summit is a great opportunity for CIOs and CISOs to learn how to overcome the challenges of cyber security, explore the latest solutions and network with their peers,” said Dr Al Omair.

Speaker Dr Hani Al Zaid, counselor and CIO at the Shura Council said: “Cyber risks and threats are on the rise in the Kingdom and can have catastrophic impact if it’s not addressed immediately. Senior management including CEO, CIO, CISO and the overall organization have to make concerted efforts to overcome the challenges of cyber security.”

The summit director Naveen Bharadwaj said: “Saudi Arabia is the largest IT market in the Middle East. The Saudi government is focused on diversifying in an attempt to become a knowledge based economy, and investing in smart cities. However, the challenge of cyber security remains significant and ever persistent. The upcoming summit will address key challenges and provide practical solutions to the attending CIOs and CISOs.”

Leading cyber security companies such as Spire Solutions, Solucom, Cyberia, Koenig Solutions, Fortinet, I(TS)2, Sahara Net, Tasheel, and Hudoud Alteqnia will offer their expertise at the summit through informative presentations, workshops and private meetings.

Participants will also benefit from private meetings with other security leaders such as Qualys Middle East, Blue Coat, Fidelis and Tripwire Inc. – TradeArabia News Service