Businesses in Saudi See Cybersecurity Risks As Biggest Threat
- A survey revealed that 20% of the CEOs in Saudi Arabia find cybersecurity risks to be the top threat to their organizations.
- Due to rising threats and increased targeting, organizations in Saudi Arabia are fortifying their cyber posture in various ways.
CEOs in Saudi Arabia believe that cybersecurity risks are the biggest threats to their businesses today, and they must do all to protect their network and system infrastructure.
The geopolitical edge that Saudi Arabia has, along with the wells of valuable natural resources, over other powerful countries makes it an obvious target.
A KPMG CEO Outlook survey revealed that now 20% of the CEOs in Saudi Arabia find cybersecurity risks as greatest threats to their businesses as compared to the 4% in 2018.
The survey also points out that digitalization has contributed to the potential growth of businesses in the country, as also included in the core objectives of Saudi Vision 2030.
When it comes to expecting a cyberattack on their property, 14% believed an imminent threat from cybercriminals to their businesses. CEOs that believe:
- They are ready for a cyberattack - 56%
- Information security gives the organization an edge over its competitors - 60%
- A strong cybersecurity strategy creates trust among all its stakeholders- 54%
- An organization’s growth and customer loyalty depend upon how well customer data is protected - 64%
Due to rising threats and increased targeting, organizations in Saudi Arabia are fortifying their cyber posture in various ways, such as by recruiting skilled workforce, partnering with other cybersecurity providers to implement the state-of-the-art cyber technology for their business, and more.
The Saudi Arabian government is to focus on CyberPro— a program to offer cybersecurity training to 800 young men and women working in the cyberspace. CyberPro is backed by the National Cybersecurity Authority (NCA) of Saudi Arabia. Furthermore, there will be a cybersecurity scholarship initiative, in partnership with the Ministry of Education.