As Ƶ continues its ambitious transformation under Vision 2030, the ability to adapt, overcome challenges, and thrive in the face of adversity has never been more crucial.
According to estimates from Statista’s Market Insights, the global cost of cybercrime is expected to surge in the next four years, rising from SR34.5 trillion in 2024 to SR51.82 trillion by 2028.
Cybercrime is defined as the “damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems and reputational harm.” Increasingly cyberattacks have become more sophisticated, frequent, and damaging, targeting critical infrastructure, sensitive data, and organizational operations. Traditional cybersecurity measures, which primarily focus on defense, are no longer sufficient to combat these dynamic threats.
Organizations are now facing challenges from digital transformation, the rise of interconnected devices, and complex cyberattacks. This has created a critical need for a hyper-resilient cybersecurity approach.
Hyper-resilient cybersecurity refers to the concept of building cyber systems and networks that are hyper-resilient — able not to just withstand and recover from attacks, but to actually grow stronger and more capable of responding to threats.
With advancements in technologies like AI, IIoT and the hybrid cloud, Ƶ faces new cybersecurity challenges, highlighting the critical need for hyper-resilient cybersecurity measures to protect the nation’s digital infrastructure and economic interests.
Ƶ, through Vision 2030 and various cybersecurity initiatives such as the establishment of the National Cybersecurity Authority, is at the forefront of this movement, enhancing its cybersecurity and digital preparedness to protect its growing digital economy and infrastructure.
The Kingdom ranked first globally in the Cybersecurity Index and second globally in both the Digital Transformation Index and the Technology Development and Application Index according to the Global Competitiveness Yearbook 2024 report issued by IMD.
The use of convenient digital platforms such as Absher, Qiwa, Nusuk, and many more, for governmental services are among the factors responsible for the Kingdom’s global recognition on the cyber front. Additionally, Ƶ aims to increase the contribution of its digital economy to 19 percent of its GDP by 2030, up from 5.48 percent in 2021.
“In the face of ever-evolving cyber threats, true resilience requires more than just robust defenses. It demands a proactive, adaptable mindset — one that embraces innovation, anticipates the unexpected, and empowers our people to be the first line of defense. Join us as we explore the frontiers of hyper-resilient cyber, where cybersecurity is not just a safeguard, but a strategic advantage that propels Ƶ’s digital future,” said Samir Omar, chief security strategy adviser/CEO at Virtuport.
Virtuport’s MENA Information Security Conference 2024 emerges as a crucial platform for addressing the evolving cybersecurity landscape. Now in its 12th edition, MENA ISC 2024 will bring together top industry leaders such as Salam, CyberKnight, and Cyber Polygon, visionaries, market innovators and experts to discuss the latest cybersecurity challenges and share groundbreaking solutions.
“MENA ISC plays a pivotal role in Ƶ’s cybersecurity capacity building, serving as a cornerstone for fostering collaboration and innovation among industry leaders. For CyberKnight, this event is an invaluable platform to demonstrate our commitment to enhancing cybersecurity in the region. It allows us to engage with local enterprise and government entities, showcase cutting-edge solutions and contribute to the Kingdom’s Vision 2030 of a secure digital future. Our participation underscores the importance of such gatherings in facilitating knowledge exchange, networking, and the collective strengthening of our cyber defenses, ultimately driving regional cyber resilience forward.” said Avinash Advani, CEO at CyberKnight.
