A vital sector
Cyber security services for businesses, government, and other organisations is a global necessity. As cybersecurity companies work to protect assets, information and data from cybercriminals, confidence in the market grows. This in turn makes Bahrain more attractive to investors and security businesses.
In 2015, 56% of Middle Eastern companies lost more than $500,000 in cyber attacks compared to a global average of 33%. The need for more cyber security firms and investment in the cyber security market has never been more pressing.
According to the PwC Middle East Cyber Security Survey, only 37% of firms in MENA have a comprehensive security and training awareness program in comparison to 53% globally. This makes Bahrain an ideal location for cyber security businesses to establish a regional presence or expand operations.
An untapped opportunity for cybersecurity firms
The 2012 Shamoon attack on Saudi’s Aramco was one of the most destructive cyber-attacks on private business. In 2013, UAE and Oman banks suffered a loss of over USD 45 million due to one of the biggest ATM cyber-heists in the region.
What’s more, with over 400 financial institutions in Bahrain alone, the Kingdom is home to a large number of companies which require ongoing cyber security training and enhancement in order to maintain a high-level of readiness.
With such valuable opportunities for cyber criminals, ensuring a robust cyber security market to protect the region’s business ecosystem is essential.
Bahrain, with our Cloud First Policy, is committed to accelerating the transition onto the cloud. This transition presents a new set of opportunities for cybersecurity companies offering products that secure cloud-based software and infrastructure.
With 900+ yearly graduates in ICT courses, a cost competitive workforce, and universities & technical institutes offering many different ICT courses, Bahrain has closed the skills gap found elsewhere across the MENA cyber security market. Businesses in Bahrain have the opportunity to rely on the talents of a highly skilled Bahraini workforce. Bahrain’s cyber security employees are true national assets that benefit all sectors, both public and private.
Universities and training institutes that are tapping into the cybersecurity sector include:
- Bournemouth University (In collaboration with Gulf Academy & Distinction)
Bahrain acts as a gateway to the GCC region and offers unrivalled access to Saudi Arabia’s large market. Situated just off the coast of Saudi, Bahrain is directly connected to the vast Eastern Province via the King Fahd Causeway. Bahrain’s market size, although small, is represented mainly by SMEs, which contribute to about 28% of the Bahraini GDP. This makes Bahrain an ideal testbed for cyber security businesses to pilot and test new products and solutions which can then be successfully scaled up to match larger cyber security markets.
These companies have already made a cyber security investment in Bahrain. Will you be joining them?
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Our experts are happy to answer your questions about cyber security business opportunities in Bahrain.