Cyberattacks targeting Bahrainis on the high
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Reported by Zahra Ayaz
The Middle East region has seen significant progress in the digitalization of many sectors during the last few years. As a result, cyberattacks started to increase again, making cybersecurity a key topic for the next decade.
Digital bank scams are becoming more complex with the onslaught of malicious bots, leading to account takeovers and financial fraud through a variety of cyberthreats. Cyberattacks targeting Bahrainis have rocketed up in the second quarter of last year by a concerning 188 per cent, says a new report, especially by targeting people with vacation opportunities abroad, as pandemic-induced restriction eased.
In 2022, global cyberattacks climbed by 38 per cent compared to 2021, while the UAE saw an increase in weekly attacks on the organization by 178 per cent in Q2 2022, indicating the need for investment in cybersecurity.
A high degree of cyberthreats is expected to cause the GCC cybersecurity market to grow at a CAGR (Compound Annual Growth Rate) of 5.9% between 2017 and 2030. Geographically, the UAE accounted for the largest market for advanced cybersecurity solutions with more than 35 per cent market share in the GCC cybersecurity market.
Saudi Arabia closely follows the UAE, accounting for 30 per cent market share in the GCC cybersecurity market, and is growing at a healthy rate on the back of a growing oil and gas sector. Experts claim that because the majority of banking institutions provide access to their services through mobile applications, mobile devices are particularly vulnerable to cyberattacks that aim to steal customers’ personal information.
Effective identification and access management, as well as user personal data protection, are required. Apps with a high level of authentication can stop cyberattacks in their tracks.