The Middle East and North Africa region, MENA will spend the sum of $1.7 billion on Information Security and Risk Management in 2020. The two-digit figure was forecasted by Gartner Inc. on the background of the recent increase in cyber attacks in Africa and MENA.
The growth of cloud, mobile technologies, and advancements in technology have increased the risk of cybersecurity and expanded the rate of cyber attacks on technology platforms.
The recent attack on South Africa’s four largest internet service provider last weekend further reveals the global need for advance information and security management tactics. It is forcing local security and risk leaders to reevaluate their spending priorities.
In a report released by Gartner Inc Newsroom, security services and network security management will continue to top the list of spending in the MENA region. This is because the region has made a cloud-first strategy move and is currently housing diverse cloud providers.
See Also: Dubai-based BECO Capital secures $100 Million MENA-focused Tech startup Fund
A further tabular explanation of the growth of security services shows that there will be a 10.7% increase in spending in the enterprise Information Security and Risk Management sector between 2019 and 2020 and a concurrent increase of 10.5 in 2021.
Although the MENA region has been spending a considerable amount of money on cloud security, data security, and risk management, the increase in enterprise insecurity impacted the amount that will be expended.
The cost will also increase in the face of the new Data Protection Law that will be deployed by the UAE government in 2020. These strict data privacy rules will compel organizations in the MENA region to rethink their data security framework in other to continue doing business.
The aftermath will result in a $72 million investment in data security and serve as a 26% increase in investment YOY.
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