Having a secure digital ecosystem is now key to economic growth and security for the UAE.
Transactions and business operations today have become more digital-centric within the United Arab Emirates (UAE). Against this backdrop, the country has become a prime target for cyber attacks, tackling over 50,000 cyber attacks per day and having an estimated 155,000 vulnerable assets (e.g., devices with outdated software or vulnerable networks). Any successful exploit of these vulnerabilities would be disruptive and costly to the country – a single data breach is estimated to cost an average economic loss of up to USD 8.7 million in the Middle East.
The UAE has already laid out ambitious national plans to digitalise its economy, including the ‘We the UAE 2031’ and ‘UAE Digital Government Strategy 2025’ in order to achieve their long term goals of establishing the country as an ‘advanced cyber fortress.’ Additionally, leveraging advanced technologies that are key to long-term growth (e.g., artificial intelligence and cloud applications) will depend on large data volumes backed by secure digital ecosystems.
Research by Access Partnership shows that if the UAE were to invest in cybersecurity in the near term, the country can secure its national assets while positioning itself for economic gain and digital transformation.
This report briefly explores how cybersecurity can facilitate three phases of economic transformation – and the relevant economic benefits that the UAE can derive from creating a digitally secure nation. From mitigating cybercrime losses to supporting more jobs and annual value added, cybersecurity technologies will play a critical role in economic growth for the years to come.
