51% of Business Leaders in Middle East Lack Necessary Funding to Overcome Cybersecurity Challenges

Deloitte, the provider of audit, consulting, financial advisory, risk management and tax services, has revealed that 51 per cent of business leaders in the Middle East are concerned about a lack of funding as the primary hurdle to cybersecurity.

In its latest ‘Future of Cyber‘ report, Deloitte highlights crucial data based on extensive Middle East and global surveys, as well as analysis and insights by experts at the firm. The report provides a vital resource for business leaders seeking to inform their cybersecurity strategies.

While 51 per cent of business leaders in the region are concerned about funding, only 36 per cent of global leaders face similar challenges.

A substantial 69 per cent of respondents from the Middle East also emphasised the strategic need for training and certification programs to engage, retain and develop cyber talent within organisations.

The report showcases the current levels of awareness around cyber needs in the market, with a notable 52 per cent of respondents in the Middle East emphasising the huge impact of cybersecurity on the success of digital transformation initiatives.

In addition, 61 per cent of respondents highlighted the integral role of cybersecurity in supporting comprehensive business disruption planning. The study also revealed that 55 per cent of regional leaders reported achieving a positive business impact as a result of implementing cybersecurity strategies.

Tariq Ajmal, cyber leader at Deloitte Middle East, said “As organisations face a constant barrage of cyber threats in today’s rapidly evolving digital world, it’s important to adopt a strategic approach to effectively safeguard critical assets. A proactive approach to cybersecurity is paramount, as it focuses on building long-term value and is considered an essential part of the framework for businesses to produce their desired outcomes.

“Businesses need to build resilience against disruption by planning for complex events and developing proactive incident response plans. There’s a need to view cybersecurity as a key business enabler through adequate funding, as well as training existing talent and actively recruiting top professionals.”