- The cybersecurity market in Saudi Arabia is anticipated to reach 21 billion riyals by the conclusion of this year
AlRiyadh By : Khaled Hassan
Digital Planets, the leading Egyptian company in the realm of information security and digital transformation, announces the signing of a collaborative agreement with KeyTime, a Riyadh-based company. The objective behind this partnership is to expand the reach of Digital Planets's cutting-edge security solutions within the Saudi market. This announcement was made during their participation in the "LEAP 24" Tech Conference, held in Riyadh, the capital of Saudi Arabia, from the 4th to the 7th of March.
The partnership between Egypt and Saudi Arabia seeks to generate new business prospects while also strengthening the integration between the cutting-edge services of Digital Planets and the services provided by Keytime in the Saudi market. This collaboration enables Keytime to promote and distribute security solutions to crucial sectors within the Kingdom. Both parties have agreed upon an action plan that outlines the essential steps and procedures required to achieve the specified objectives. Additionally, they places great importance on fostering cooperative efforts to enhance the cybersecurity system in the Kingdom, ultimately yielding optimal outcomes for the commercial sector.
Dr. Ahmed Hanafi, the CEO and co-founder of the Digital Planets, expressed delight with this partnership. He emphasized that this collaboration aligns with Digital Planets' strategic growth objectives, specifically their aim to offer advanced security services in the Saudi market. Dr. Hanafi highlighted the decision to select Keytime as a result of their notable dedication to providing integrated customer service systems, which requires providing the essential security component.
He highlighted the significance of cybersecurity in Saudi Arabia, which has emerged as a crucial sector in recent times. This is primarily due to the fact that the Kingdom owns in the largest information and communications technology market in the Middle East, coupled with its continuous efforts to enhance and develop this domain. In light of the millions of cyber attacks the country has faced, Saudi Arabia witnessed a 19% decline in the number of cyber threats in 2023. However, there was a notable increase of 51% in attacks targeting online banking data, a surge of 74% in ransomware attacks, and a rise of 44% in phishing attacks. These findings were derived from analyses conducted by a reputable global company specializing in information security. Dr. Hanafi predicts that the cybersecurity market in Saudi Arabia will reach 21 billion riyals ($5.6 billion) by the end of this year. This projection is based on the Kingdom's diligent efforts to enhance digital infrastructure and facilitate digital transformation in line with Vision 2030.
The Kingdom of Saudi Arabia holds a significant position among the countries that implement cybersecurity policies. It has secured the second rank globally out of 193 countries and stands as the top-ranking country in the Arab world, the Middle East, and the Asian continent in Global Cybersecurity Index, a reference conducted by the International Telecommunications Union (ITU).
Eng. Hail Shubylat, Executive Director of Keytime, said: “We are delighted to collaborate with Digital Planets. This partnership will enable us to combine our company's technology with the security services offered by the Egyptian company. We can then merge our services and deliver an integrated secure solutions package for various sectors in Saudi Arabia.” He added that cybersecurity plays a crucial role in the success of Vision 2030 in the Kingdom of Saudi Arabia. In fact, it is reflected in a well-developed national strategy for cybersecurity. This is especially necessary as companies in the Kingdom have encountered millions of cyber attacks, with a staggering number of 22.5 million incidents, resulting in estimated losses of 6.5 million dollars for the state.
Eng. Shubylat highlighted that the cybersecurity market in Saudi Arabia has reached a size of 5 billion riyals in the past year, according to recent international reports. The growth rate of the cybersecurity market in Saudi Arabia has surpassed 14%, which is higher than the global average. The percentage of spending on cybersecurity in the Kingdom of Saudi Arabia accounts for about 7% of the total spending on the information technology sector, exceeding the global average of 5%. In terms of spending growth, Saudi Arabia has witnessed a rate of 13.7%, compared to 10.9% globally and 5% in the Arab world. Global estimates suggest that the cybersecurity industry market will reach 326 billion dollars by 2027, with an annual growth rate of 10%. He emphasized that the digital transformation in both public and private sectors presents investment opportunities in cybersecurity.
Khaled Helmy, the regional Sales Director of the Digital Planets, underscored that the collaboration agreement with the Keytime is part of the Group's commitment to solidify its cooperative ties and enhance its strategic partnerships. This is particularly crucial as growth in Saudi Arabia plays a pivotal role in expanding its presence in the Gulf region. He emphasized the objective of fostering a robust industrial cybersecurity community and raising awareness about the significance of securing operational technology for critical infrastructure. Additionally, the aim is to aid organizations in identifying and addressing the cyber threats and challenges they encounter, while also improving their response procedures.
