Cyber security is an extremely important topic across the globe at the moment, as businesses strive to protect themselves from increasingly sophisticated hackers, and firms in the Middle East will be no exception to this.
Recent research from Micromarket Monitor has looked into the current state of the market in the region, which is anticipated to grow from $7.70 billion (£5.17 billion) in 2015 to $14.47 billion by 2020 at a forecast CAGR of 13.4 per cent from 2015 to 2020.
Thanks to the growing number of mobile workers, the rise of cloud-based technology and new data threats, there is a clear opportunity for cyber vendors in the market, especially in countries such as Israel, United Arab Emirates (UAE), Egypt and Libya where government legislation on the internet is particularly strict.
The company noted it is particularly important that key economic sectors are protected, with oil and gas being the primary revenue source of the Middle East and Africa. Concerns are spreading that companies in this industry could be targeted in the future, particularly after Saudi Aramco was attacked in 2012, with tens of thousands of PCs affected by the incident.
As hackers are constantly looking for new industries to exploit, it is vital that companies are proactive against cyber criminals and properly protect all their information through encryption and other security protocols.
A separate study from Transparency Market Research has highlighted that the Middle East is currently in a state of transition as banking, financial services and insurance (BFSI) all start to grow in the region.
However, it is clear that oil and gas remains the most important industry for the area.
"The Middle East region is dominating in heavy industries such as oil and gas," the report stated. "These industries - due to their remote and geographically vast operations - are highly dependent on internet networks, which in turn magnify their vulnerability to cyber attacks.
"This threat of cyber attacks is another factor boosting the demand for latest cyber security solutions in this region."
Within the Middle East region, the UAE represents the largest demand for advanced cyber security solutions as a result of the expanding BFSI sector, according to the study.
However, countries such as Oman and Qatar are expected to grow at a healthy rate in the near future because of business opportunities in the their oil and gas industries.
In order for these sectors to be adequately protected from cyber crime, it is vital that plans are put in place to stop companies from falling vulnerable to data threats, or new and emerging businesses could suffer massive losses and reputational damage.
As it is an economy in transition, the Middle East region is facing new security threats as hackers aim to exploit the new businesses emerging in the area.
Cyberpol and ECIPS liaison officer Joe Shenouda has commented on cyber crime threats in the Middle East, claiming that more cyber crime events should be expected in 2016.
"Most of the attacks in the Middle East consist of DDoS and website disruption attacks. A lot of silent espionage is also taking place and this can do a business unlimited damage while it is happening.
"The data is sold on a daily basis to competitors and this can do unlimited damage to the victim companies that are being spied on," Mr Shenouda explained.
He also warned that while regulations have been created in the Middle East region to tackle cyber crime, hackers do not need to cross borders in order to carry out attacks. Mr Shenouda emphasised that international regulation and cooperation is required in order to approach the issue.
He also stressed that with the amount of data in the globe growing significantly in the coming five years, it is vital that information is properly safeguarded both regionally and globally.