Global Cybersecurity Forum (GCF)
Since 2020, the Global Cybersecurity Forum has established a catalytic platform where cross-industry and multi-stakeholder international experts and decision-makers come together to discuss how to maximize the benefits of cyberspace for all while protecting the most vulnerable. Its main objective is to build a better cyber world for all. More than 9,000 people from 117 countries participated in the GCF in 2022. Academics, government officials, representatives of international organizations, and members of the commercial sector who are thought leaders in the field of cybersecurity shared new thinking on how to strengthen national cybersecurity maturity and enhance the capabilities of the ecosystem.
Saudi Arabia Ranks Second Place in Global Cybersecurity Index
Saudi Arabia has been recognized as the second best performer in the global cyber security index in the prestigious World Competitiveness Yearbook (WCY) for 2023 by the Swiss-based International Institute for Management. The International Telecommunications Union (ITU), which has given Saudi Arabia the distinguished distinction of being a global frontrunner in this domain, has also recognized the Kingdom’s commitment to cybersecurity excellence. Saudi Arabia ranked second on the ITU’s Global Cyber Security Index, demonstrating the country’s unwavering dedication to securing its cyberspace. The Kingdom has been recognized by ITU as the global leader in cybersecurity.
The establishment of a National Cybersecurity Authority and a Global Cybersecurity Forum institute in the kingdom, according to the International Institute for Management Development, have both affirmed Saudi Arabia’s role in the field of cybersecurity.
The National Cybersecurity Authority (NCA) is in the vanguard of these admirable efforts, working tirelessly to secure Saudi Arabia’s digital landscape, ensuring the protection of national security and important state interests. This recognized authority’s top priority is to protect the Kingdom’s critical infrastructure, crucial economic sectors, and government services from malicious cyber assaults.
Saudi Arabia also ranked 17th position overall in The 2023 IMD World Competitiveness Rankings of the same year. That jumps 7 places from 2022 in the competitive rankings.
What is World Competitiveness Ranking?
The first edition of the Institute for Management Development (IMD) World Competitiveness Yearbook (WCY) was published in 1989. It is a thorough annual study that is used as a standard worldwide for comparing the competitiveness of nations. Based on extensive research, IMD provides benchmarking, trends, statistics, and survey data. IMD evaluates and ranks countries based on how they manage their skills to generate sustainable value.
The World Competitiveness Ranking is based on 336 competitiveness criteria that were chosen after a thorough analysis of the economic literature, global, national, and regional sources, as well as input from the business community, government organizations, and academia.
Saudi Arabia Cyber Security Industry & Future
Due to the advancement of technology, everything is available now, and we all face cyber threats nowadays. The whole world is concerned about cyber issues. Globally, everyone is adopting different strategies in cyber security. Nowadays there is so much concern about cyber security that this cyber security industry is growing phenomenally. The global cybersecurity industry is expected to reach approximately $366.10 billion by 2028.
KSA is the largest country in the Arabian Peninsula and the 13th largest country in the world. A country with immense potential in terms of economy and industry and achieving success in terms of technology. Saudi Arabia came in sixth globally as the most affected by cyber-attacks from 2016 to 2018. Ransomware attacks are also a serious threat to organizations. Businesses in Saudi Arabia are thought to have lost $6.53 million as a result of ransomware attacks.
Considering the scenario and overall outlook, the Saudi Arabia cyber security market is projected to grow at a CAGR of 12.4% between 2020 and 2026 and reach a market size of SAR 21 billion by the end of 2023.
Vision 2030 & Cyber Security
Cybersecurity solutions are becoming more necessary as Saudi Arabia works toward Vision 2030. Saudi Arabia has developed and put into action a comprehensive approach to its strategy and is aiming to achieve objectives that will assist in safeguarding the Kingdom’s critical interests and cyberspace, supporting Saudi Arabia’s Vision 2030. IDC found that 48% of Saudi firms are currently implementing sophisticated security measures, while 45% have already done so.