Starting a cyber security business in Saudi Arabia is a highly-rewarding, timely, and strategic business plan. In this blog, we will be sharing expert insights on the process of setting up a cybersecurity business in Saudi Arabia, step-by-step procedure to begin the venture, and the future of cybersecurity market in the kingdom. With a decade plus experience in the business landscape of KSA, Analytix aims to guide you through the essential information to build a successful cyber security business in Saudi Arabia.
Future of Cyber Security in Saudi Arabia
With the increasing presence of technology in Saudi Arabia, it becomes paramount to enhance the ability to combat cyber threats. With the emergence of digital trends in the economy, the application of e-commerce and other online features has become increasingly popular among companies. This shift leads to an increased number of remotely accessible components, and this simply translates to more targets of opportunities for an attack.
This has cultivated a new phase of cybercrime, thus demanding adequate and reliable cyber-security for the participating Saudi businesses. Understandably, as cyber security becomes a conscious investment objective, the Saudi government and businesses are gearing up towards the containment of such threats.
Some of these initiatives include the creation of the National Cybersecurity Authority (NCA) in 2017 under the National Cyber Security Strategy for Saudi Arabia. NCA has played an important role in establishing minimum cyberspace security requirements that apply to the national and government entities that are vulnerable to cyber threats. It has also supplied detailed policies and frameworks that assist these organizations in protecting their data and networks.
Also, in the current National Digital Transformation Program, financial resources have been set up to strengthen cybersecurity. This aimed at the modernization of the Saudi economy and led to cybersecurity investments reaching $425 million in the year 2020.
From a global perspective, business related to cyber security is likely to grow to almost $366 billion. By 2020, revenue is projected to reach $10 billion and is set to grow owing to Saudi Arabia’s pattern. It has been found that Saudi Cyber Security Market is expected to grow at a compounded annual growth rate of 12%. The Saudi Arabian tech-savvy population grew from 4% in 2020 to 4% in 2025 with a projected market size of increasing from SAR 10 billion ($ 2. 26 billion) to SAR 21 billion ($5.6 billion) by the end of 2023.
Cyber security statistics revealed that Saudi Arabia was among the top six countries that were most frequently attacked by cyber criminals between 2016 and 2018. Hence, in the year 2019, it ranked second in terms of the average cost per data breach with SAR 22 for each breach, right below the UAE. The same year saw both countries suffer the highest average number of breached records per incident; 38,800, which was way above the world’s average of 25,500 records per incident.
The Key Points to note are:
Increasing Technology Use:
The cyber security market in Saudi Arabia is being predicted to rise due to its growing inclination towards digital media and change.
Remote Accessibility:
Some new points requiring more attention in the sectors are more accessible at the intellectual level with the Internet.
Rising Cyber-Attacks:
Current rise in cyber-attacks implies there is much more to be done to deploy adequate cyber security measures.
Government Initiatives:
The NCA was formalized in 2017, aiming to provide cyber security standards and frameworks.
Digital Transformation Program:
As part of executing the National Digital Transformation Program, investments have been made in cyber security.
Market Growth:
With these advancements, it is believed that the Saudi cyber security market is expected to expand as other markets, universally.
Global and Regional Statistics:
Saudi Arabia has become one of the countries that has experienced a severe impact of cyber-attacks both in terms of costs and records.
How to Start a Cyber Security Business in Saudi Arabia
Starting a cyber security business in Saudi Arabia involves several procedures and regulations raised by the official authorities. Here are the essential steps to help you get started:
1. Understand Regulatory Requirements:
It is vital to acquaint yourself with the regulations and standards laid down by the NCA, the Ministry of Investment, and the Ministry of Commerce and Industry. These bodies include the control and licensing of cyber security firms.
2. Register with the NCA:
Starting August 1, 2022, all entities offering cyber security services in KSA must register with the NCA (National Cybersecurity Authority). This is done as part of measures put in place to increase the cyber security standard in line with the Kingdom’s vision 2030.
3. Comply with Essential Cybersecurity Controls (ECC):
There needs to be compliance with the ECC as formulated by the NCA. Other relevancy controls comprise containments of valuable structures, cyber risks regulation, and anti-cyber threats measures. Depending on the services you are offering you may also be required to adhere to provisions such as Cloud Cybersecurity Controls and Critical Systems Cybersecurity Controls.
4. Ensure Compliance with Relevant Laws:
Other important regulations should be observed such as the Personal Data Protection Law (PDPL) which is similar to GDPR and the Cybersecurity Law which generally covers cybersecurity practices and cybercrimes. These laws are pivotal to the legal functioning of a business and are crucial for building trust in the given regulated market.
5. No Registration Fees:
Another important point that may be considered is that there are no costs for registering with the NCA, which makes the first step in passing through regulation easier.
6. Maintain Ongoing Compliance:
One should try to become aware of changes in legal and technical standards. Always look for a fresh set of laws and rules to guide your business as to how to adhere to them and to avoid any deterioration of your business’ credibility.
Analytix Will Help You in Setting Up Your Cyber Security Business In KSA
Successfully establishing a cyber security business in Saudi Arabia requires delicate and proper execution, hence, Analytix can make this simpler. Being an all-in-one expert with over a decade of experience in Saudi Arabian business world, we provide the best consultancy services helping you with the different mandatory regulations and registering with the official authorities regulating cyber security market.
Analytix makes it easier for you to get compliance with important laws and regulatory measures along with assisting you in understanding the decisions that are possible in the market and build a robust, compliant cybersecurity business in KSA.
Analytix is here to deliver you the high-quality business services required for establishing your Cyber Security in the kingdom. We promise to make it all simple, easy and perfect. Schedule a call with our consultant now.
Conclusion
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