Regional governments set to spend $9.5 billion on cybersecurity by 2019

July 11, 2015

Regional governments see cybercrime as a growing threat and together are set to invest heavily on cybersecurity over the next four years, according to experts.

An industry on the rise, a recent report from Pricewaterhouse Coopers indicated a staggering 42.8 million information security incidents reported globally in 2014, up 48% from the previous year.

According to a Cisco Annual Security Report, the Middle East faces increasing malware threats from cyber-attacks, particularly in the energy sector which was in the global top five most-at-risk industries for malware in 2014. The global energy sector was subject to a 300% higher malware encounter rate than the median industry. And, with the Middle East home to more than 60% of OPEC’s oil reserves, investment in cybersecurity is a critical issue for governments and corporations alike.

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