investment opportunities seen in Oman’s cybersecurity sector
Published: 03:10 PM,Oct 29,2024 | EDITED : 06:10 PM,Oct 29,2024
Eng Badar al Salehi, Director General of the Oman National Computer Emergency Readiness Team (OCERT), speaking at the Regional Cybersecurity Week.
MUSCAT, OCT 29
A number of investment opportunities within Oman’s cybersecurity sector have been identified during the 12th Regional Cybersecurity Conference currently underway in Muscat.
Outlining some of these opportunities, Eng Badar al Salehi, Director General of the Oman National Computer Emergency Readiness Team (OCERT), said: “Regarding investment opportunities in the field of cybersecurity, we firmly believe in the importance of partnering with the private sector to grow this market. Accordingly, there are several initiatives that the Ministry of Transport, Communications, and Information Technology has launched. Some examples ... include the establishment of a data recovery lab for lost and damaged data, safe handling of digital devices, the establishment and design of a national firewall to protect the digital economy infrastructure, and addressing cyber insurance.”
The Director General noted that the increasing volume of cybersecurity threats has resulted in an increased demand for cyber insurance services. “According to a study by Cybersecurity Ventures, global spending on cybersecurity is expected to surpass $1 trillion, reflecting the impact of cyber threats on the global economy. Research indicates that 60% of companies affected by cyber breaches may shut down within six months.... Therefore, regions like the European Union have enacted data privacy and protection laws to safeguard against cyber risks and breaches. This has led to a rise in the cybersecurity insurance market, which has grown to over $8 billion and is projected to reach $20 billion, allowing institutions and companies to hedge against cybersecurity risks. In Oman, a financial sustainability team has partnered with related entities to explore cybersecurity insurance,” he shared.
Additionally, he identified several key sectors that are expected to experience significant growth in cybersecurity investment, “Furthermore, cybersecurity is essential in sensitive sectors. For instance, the cybersecurity market in the healthcare sector is expected to reach $59 billion by 2030, and in manufacturing, it’s projected to grow to over $12 billion by 2026. In emerging technologies, particularly artificial intelligence (AI), the cybersecurity market is expected to exceed $100 billion, while in blockchain, it surpasses $1.5 billion,” he said.
Investment attraction is one of the key axes of the National Cybersecurity Executive Plan- which aims to raise the contribution of the digital economy in Oman from 2% to 5% by 2030 and 10% by 2040.
The total volume digital investments in Oman amounted to approximately $2.5 billion in 2023, according to Dr Ali bin Amer al Shidhani, Under-Secretary of the Ministry of Transport, Communications, and Information Technology. The National Cybersecurity Industry Programme has estimated the value of the Omani cybersecurity market at around $50 million, with a projected annual growth rate of 24 per cent to reach $58 million in 2024.
Furthermore, Omani companies are expected to spend approximately $225 million annually on cybersecurity by 2025.
A number of investment opportunities within Oman’s cybersecurity sector have been identified during the 12th Regional Cybersecurity Conference currently underway in Muscat.
Outlining some of these opportunities, Eng Badar al Salehi, Director General of the Oman National Computer Emergency Readiness Team (OCERT), said: “Regarding investment opportunities in the field of cybersecurity, we firmly believe in the importance of partnering with the private sector to grow this market. Accordingly, there are several initiatives that the Ministry of Transport, Communications, and Information Technology has launched. Some examples ... include the establishment of a data recovery lab for lost and damaged data, safe handling of digital devices, the establishment and design of a national firewall to protect the digital economy infrastructure, and addressing cyber insurance.”
The Director General noted that the increasing volume of cybersecurity threats has resulted in an increased demand for cyber insurance services. “According to a study by Cybersecurity Ventures, global spending on cybersecurity is expected to surpass $1 trillion, reflecting the impact of cyber threats on the global economy. Research indicates that 60% of companies affected by cyber breaches may shut down within six months.... Therefore, regions like the European Union have enacted data privacy and protection laws to safeguard against cyber risks and breaches. This has led to a rise in the cybersecurity insurance market, which has grown to over $8 billion and is projected to reach $20 billion, allowing institutions and companies to hedge against cybersecurity risks. In Oman, a financial sustainability team has partnered with related entities to explore cybersecurity insurance,” he shared.
Additionally, he identified several key sectors that are expected to experience significant growth in cybersecurity investment, “Furthermore, cybersecurity is essential in sensitive sectors. For instance, the cybersecurity market in the healthcare sector is expected to reach $59 billion by 2030, and in manufacturing, it’s projected to grow to over $12 billion by 2026. In emerging technologies, particularly artificial intelligence (AI), the cybersecurity market is expected to exceed $100 billion, while in blockchain, it surpasses $1.5 billion,” he said.
Investment attraction is one of the key axes of the National Cybersecurity Executive Plan- which aims to raise the contribution of the digital economy in Oman from 2% to 5% by 2030 and 10% by 2040.
The total volume digital investments in Oman amounted to approximately $2.5 billion in 2023, according to Dr Ali bin Amer al Shidhani, Under-Secretary of the Ministry of Transport, Communications, and Information Technology. The National Cybersecurity Industry Programme has estimated the value of the Omani cybersecurity market at around $50 million, with a projected annual growth rate of 24 per cent to reach $58 million in 2024.
Furthermore, Omani companies are expected to spend approximately $225 million annually on cybersecurity by 2025.