BAHRAIN’S ICT SPENDING TO EXCEED USD2 BILLION CYBERATTACKS ON THE RISE

ICT spending in Bahrain is set to reach USD2.03 billion in 2023 and USD2.23 billion by 2026, according to the latest predictions by International Data Corporation (IDC).

Announcing its regional forecasts for the year ahead, IDC revealed that it expects telecommunications services spending in Bahrain to increase, with IT spending set to grow from USD0.87 billion in 2023 to USD1 billion in 2026.

The findings are in line with ICT and digital economy being major pillars in Bahrain’s Economic Recovery Plan and will contribute towards achieving the Kingdom’s comprehensive economic growth and development. “To navigate storms of disruption, organisations in Bahrain will need to invest in strengthening their digital resiliency so they are better positioned to succeed in new market environments as conditions continue to change,” says Jyoti Lalchandani, IDC’s Group Vice president and Regional Managing Director for the META region.

“Regardless of what the economy throws at us over the coming 12 months, the implementation of further digitalisation in critical areas such as customer experience, operations, and financial management — together with a more rapid shift to a ‘digital business’ approach — will be key to separating the thrivers from the survivors,” he added.

In a digital-first economy, where an enterprise’s competitiveness is tied to its digital business model, leaders will avoid wholesale cutbacks in tech. Further, new tactics will be employed as tech leaders seek to realize maximum business value from their tech investments. In Bahrain, spending on Enterprise IT will reach USD0.44 billion and consumer spending will reach USD0.41 billion in 2023.

Chief Financial Officer at The Benefit Company, Layla Alqassab, has emphasised that security threats within banks and financial services companies were progressively expanding due to technological advancements. Hence, enterprises that are at risk are urged to deploy necessary cybersecurity measures.

This was stated during Ms. Alqassab’s participation as a key speaker in a seminar organised by NGN International, a Bahraini IT systems integrator and security services provider, to promote cybersecurity awareness among public and private sector entities.

“An organisations teams which are responsible for technology, information security and finance must have a thorough grasp of one another’s roles and responsibilities. As a result, there will be a certain level of integration between the two departments, which will enable them to work together on problems and challenges that demand simultaneous financial and technological involvement,” she says.

According to Ms. Alqassab, research by the International Monetary Fund indicates that by 2025, cyberattacks will cost the world’s banks nine percent of their total global revenue, or USD100 billion. “When it comes to cybersecurity, we are talking about enormous potential risks that could completely devastate the organisation. As a result, every organisation or startup needs to allocate a suitable budget for cybersecurity,” she concludes.

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