Cybercriminals now target the MENA area mostly, which causes major financial losses for companies. The region’s average financial effect from security breaches in 2015 came out as about USD 2.5 million. Understanding this increasing danger, Bahrain has strengthened its cybersecurity industry. Not only is this proactive strategy safeguarding enterprises, but it also promotes a stable and trustworthy environment that draws both security companies and international investors. A strong cybersecurity system is fast turning into a main engine of economic development and a magnet for next prospects.
The Essential Part Cybersecurity Plays in Bahrain’s Economy
Cybersecurity is becoming a basic need in the digital terrain of today; it is not an optional bonus. Globally, companies, governments, and businesses struggle with the continual risk of cyberattacks. Bahrain is aggressively fostering market trust by significantly funding modern cybersecurity infrastructure and services. Investor confidence rises as cybersecurity companies labor nonstop to protect private data, information, and sensitive assets from cybercriminals; Bahrain becomes a more and more appealing center for both investors and security companies. The data are concerning; compared to a worldwide average of only 33%, 56% of Middle Eastern businesses claimed damages over $500,000 resulting from cyberattacks in 2015. Bahrain is the perfect place for this strategic development as this clear difference emphasizes the pressing necessity of more cybersecurity investment in the area.
Unmet Prospects for Cybersecurity Companies
Bahrain offers a perfect site for companies in cybersecurity to increase their footprint and activities. The area has had multiple well-publicized cyberattacks, including the 2012 Shamoon assault on Saudi Aramco, which amply reminds us of the grave threats. The financial sector’s fragility is shown by the losses UAE and Oman’s banks suffer from ATM cyber-heists. Bahrain alone boasts more than 400 financial institutions, hence the need for cyber security solutions is very strong. This covers continual improvements to maintain a high degree of digital readiness as well as necessary vital training. Bahrain’s dedication to a Cloud First Policy is another consideration that presents fresh business prospects for those providing cloud-based security solutions. Choosing the cyber security trends depends on these prospects.
Human Capital Advantage Bahrain
Bahrain is fast closing the knowledge gap usually seen in the MENA cybersecurity scene. Comprising more than 900 graduates annually from ICT programs, the nation enjoys a highly trained, reasonably priced workforce. Local colleges and training facilities such Bahrain Polytechnic, BIBF, and Bournemouth University are emphasizing developing cybersecurity skills to guarantee companies have access to elite talent. This solid basis of human resources supports the public as well as the commercial sectors. Bahrain is building a national asset benefiting all industries by investing in the cybersecurity workforce, therefore assuring the ongoing maintenance of a technologically strong and safe economy.
Strategic location and perfect testbed
Bahrain is a perfect place for cybersecurity businesses because of its strategic location as a gateway to the GCC area and unmatched access to the huge Saudi Arabian market. The nation is a perfect testbed for infrastructure, direct connectivity to Eastern Province of Saudi Arabia via the King Fahd Causeway, and mostly SMEs. This special setting lets cyber security companies test fresh ideas and solutions before going for bigger markets. Bahrain is not only safeguarding its own market but also significantly helping to secure the whole region by investing in cybersecurity.
