GCC cyber security spend to surge in 2013: IDC
Companies set to re-evaluate protection measures in wake of Aramco et al
The role and importance of information security continues to evolve within the Gulf Cooperation Council (GCC) bloc of countries, and this evolution is only expected to intensify over the next few years, according to the newly released "Gulf States Security Software Market 2012-2016 Forecast and 2011 Vendor Shares" study from International Data Corporation (IDC).
The Gulf security software market generated $143.34 million in license and maintenance revenue in 2011, with IDC's research showing that large enterprises, particularly those from the banking, government, and telecommunications sectors were the primary drivers of this expenditure. IDC expects spending on IT security in the GCC to continue growing over the coming five years, as the region is witnessing an increasing level of cyber warfare. Indeed, it is believed that the spate of recent attacks on energy and media companies in countries such as Saudi Arabia and Qatar were only the first in a series that are likely to grow in complexity and frequency.
"Companies and governments must assess all possible risk vectors and IT security threats, and reevaluate their security strategies accordingly," says Megha Kumar a research manager at IDC Middle East, Africa, and Turkey.
"We expect companies, and even governments, to rebuild their business continuity strategies in order to effectively manage the eventuality of further complex cyber attacks. We also expect organisations to become more stringent when evaluating prospective vendors out of concern that they may not be doing enough to remain ahead of the threats. As such, vendors must help to rebuild trust and work at being their customers' partners in protecting business."
The UAE accounted for the largest proportion of spending on security software in the Gulf, with 41.5% share, followed by Saudi Arabia and the other GCC countries of Kuwait, Bahrain, Oman, and Qatar.
The market continues to be dominated by Symantec, which garnered 22.2% share in 2011, while McAfee placed second with 12.5% share and Kaspersky rose to third with 10.8% share. The top three sectors of finance, government, and telecommunications together contributed to 58.2% of total security software spending in the GCC in 2011.
The series of cyber attacks that struck the energy sector in 2012 will cause companies to reevaluate their security strategies and show greater interest in business continuity planning, fueling security spending in 2013 and 2014. As such, the Gulf States security software market is expected to expand at a compound annual growth rate (CAGR) of 14.3% over the next five years.
1047 days ago
The security is not more a security but an important limb of every digital organisation. And limbs must be strengthened to protect from the external threats which has become more imminent. Hence security spend will increase phenomenally in this decade.