With reported major financial losses across several sectors, the Middle East and North Africa (MENA) area is progressively becoming a key target for hackers. The need for strong cybersecurity solutions resulting from this expanding threat scene makes Bahrain a particularly appealing place for foreign companies looking to increase their activities. With an average financial loss from security events in the area of USD 2.5 million in 2015, a startling 56% of Middle Eastern enterprises lost more than USD 500,000 in cyberattacks compared to a worldwide average of 33%. This emphasizes the great necessity of improved cybersecurity policies and the great chances for companies focused in this field.
Bahrain’s Emerging Cybersecurity Market: a Target for Growth
Bahrain’s cybersecurity industry not only is expanding but also offers special benefits for international companies. Inspired by its “Cloud First Policy,” the Kingdom’s dedication to digital transformation is hastening the shift to cloud-based infrastructure, hence generating fresh needs for security solutions catered for cloud settings. Furthermore, compared to 53% worldwide, only 37% of MENA companies have set up thorough security and training initiatives, therefore highlighting a major need cybersecurity companies may help to fill. Bahrain alone boasts more than 400 financial institutions, hence companies clearly have the opportunity to raise their security expenditures and look for consistent protection.
The Pressing Demand for Regional Cybersecurity
Several well-publicized hacks have highlighted the weaknesses in the local companies. The recent cyber security trends know that stressing the financial and reputational hazards connected with insufficient cybersecurity include the 2012 Shamoon assault on Saudi Aramco and the 2013 ATM cyber-heist in the UAE and Oman, which resulted in losses of over USD 45 million. These events have raised corporate awareness of the need of improving their cyber resilience, therefore fostering perfect conditions for the expansion of the cybersecurity industry. Never more important is the requirement of strong protection, regular cyber security education, and constant improvement.
Bahrain’s Strategic Benefits and Rich Talent Pool
For companies trying to grow regionally, Bahrain’s strategic advantage as a gateway to the GCC region—more especially, its direct access to Saudi Arabia’s vast market via the King Fahd Causeway—offers a major advantage. One of the Kingdom’s greatest advantages also is its vibrant human capital. Bahraini companies have access to a pool of national talents ready to satisfy the challenging needs of the cybersecurity sector thanks to over 900 ICT graduates yearly and a cost-competitive workforce. Cybersecurity training is being emphasised by organisations as Bournemouth University and Bahrain Polytechnic (BIPF), therefore increasing the national competencies. Bahrain’s cybersecurity staff members are real national assets that help every industry, public and commercial.
An ideal testbed for cyber security solutions
Bahrain serves as a perfect testbed for companies in cybersecurity looking to test fresh ideas and technologies. Comprising mostly small and medium-sized businesses (SMEs) that account for 28% of Bahraini GDP, the Kingdom’s market offers a regulated environment to hone ideas before entering bigger markets. Bahrain has already attracted investments from many foreign companies, therefore highlighting the Kingdom’s potential as a regional cybersecurity powerhouse. Bahrain has an unmatched chance for development and expansion, and with such a lively and promising scene, it is likely to become a major hub for cybersecurity in the MENA area.
