How Could GCC Cyber Security Market Address COVID-19 Concerns?

The continuing success of digitization across the Middle East and rapidly among the Gulf Cooperation Council (GCC), brings with it complementary and growing exposure to the risk of cyberattacks. These rising cyber threats by other countries and by highly expert criminal rings from around the world have the potential to disrupt the progress of digitization and threaten the reimbursement delivered through it.

Around 57% of Middle Eastern companies lost approximately USD $500,000 compared to 33%  of companies globally due to cyberattacks. For instance, Oman banks suffered a loss of USD $45 million as a result of ATM cyber-heist in the region and in 2012 Qatari natural gas company (RasGas) got smacked similarly with the Shamoon virus that shut down its website and e-mail servers.

The GCC cybersecurity spending except for the banking and energy sector does not meet the global standard. Only about 37% of the major firms have comprehensive security and training services as compared to 53% globally.

In the present scenario, the views in the region towards cyber security are beginning to turn, with the recruitment of professionals on the rise and many big cyber security firms are setting up in the region to protect the businesses and general public from cyber threats. 

For instance, Raytheon (RTN), the U.S. based Technology and Innovation Company at the forefront in developing global cyber security and defense solutions, is the one of the major firms providing cyber security to GCC institution and businesses.

How could GCC Cyber Security Market address the COVID-19 concern?

With the whole nation working from home during this COVID-19 pandemic, cyber hackers are looking to exploit vulnerabilities to steal valuable information. Everyone needs to be very careful before clicking on a tempting link purporting to be from the World Health Organization (WHO), or similar, with positive information about the cure for COVID-19. Chances are it’ll be a hacker preying on understandable anxiety about the coronavirus pandemic among people. 
There are some 4,000 COVID-19 domains that have been registered this year, many likely fronts for cybercrime. By this number it could be assumed that how much amount of security is needed to access any COVID-19 related domain.

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