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Global cybersecurity investment climbs to $150 billion: Al Awadhi

October 24, 2021
finance & economy

Mr. Yaqoob Al Awadhi, CEO of NGN International,” a full-fledged systems integrator and IT consultant based in Bahrain, stated that due to remote work and greater dependence on cloud services, worldwide spending on cybersecurity and technical risk management services is predicted to rise to almost $150 billion in 2021, a 12% increase over the previous year.

Al Awadhi, speaking on the sidelines of the GITEX expo in Dubai, said that cybersecurity has become one of the most serious threats facing corporate and government leaders. He noted that as more people choose to work from home, organizations have seen a nearly 500% increase in ransomware attacks, which has widened the threat landscape and harmed the targeted institutions’ business continuity, while 83% of institutions around the world reported an increase in cyber risks as a result of remote work.

The overall advancements in the cybersecurity business throughout the world, as well as associated cybercrime, highlight the significance of a national plan that involves all those concerned with this type of security, including the private sector, according to Al Awadhi.” It is not a problem to have global cybersecurity expertise, but it is vital to ensure that we have dependable local partners who can ensure that everything runs well. On the other side, the epidemic has altered how we work and distribute work teams, prompting enterprises to adopt an integrated work model, while cybercriminals use these changes to improve the complexity of their assaults. Institutions must guarantee that their infrastructure is developed to meet these new threats.” Al Awadhi said.

Al Awadhi emphasized NGN’s commitment to maintaining its attempts to boost cybersecurity awareness among public and private sector organizations, as well as people, through training and periodic events such as the NGN Majilis. He concluded that, as cyber-attacks become more common throughout the world, and as a result organization are spending more money on security technologies.

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