Market Trends of Egypt Cybersecurity Industry
Digital Transformation Technologies and Rise of Security Intelligence to Hold Significant Growth
- The Egyptian government has been actively promoting entrepreneurship and innovation to strengthen the startup ecosystem, particularly in the IT sector, where Egypt has gained international recognition for outsourcing services like software development and customer support. Aligned with Egypt's Vision 2030, the ICT 2030 strategy outlines key components to transform the nation into a Digital Egypt, including the development of internet infrastructure and services.
- The National Telecommunications Regulatory Authority (NTRA) granted Egypt's state-owned telco, Telecom Egypt, a 15-year license to operate 5G for USD 150 million in January 2023. As a result, Telecom Egypt became the first mobile operator in the country to secure a 5G license.
- The Egyptian government, in collaboration with Airbus Defence and Space and Euro Star, is set to roll out a series of 'TIBA Satellites.' These satellites are designed to provide high-speed broadband internet and bolster telecommunications for a government initiative. The move is pivotal in realizing Egypt's Vision 2030, aimed at meeting Sustainable Development Goals (SDGs) and transitioning to a robust digital economy.
- In 2023, Trend Micro enhanced its cybersecurity measures in Egypt by blocking over 73 million threats, including 18 million email threats and 2 million malicious URL attacks. The company also prevented over 8 million malware attacks, demonstrating its commitment to protecting the Middle East’s digital infrastructure.
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Oil, Gas and Energy to Have a Major Share in the Market
- The oil and gas industry relies on complex technological systems to facilitate worldwide operations, making it vulnerable to cyber threats. The consequences of these attacks can be severe, leading to physical damage, production disruptions, environmental disasters, and significant financial losses. Cyber breaches can compromise safety systems, leading to accidents, injuries, and potential environmental disasters.
- The oil and gas sector is witnessing a profound digital overhaul, with promises of bolstered job safety, sustainability, and operational efficiency. Egypt is at the forefront of this shift, spearheading the modernization of its oil and gas industry. Egypt has rolled out a digital platform dedicated to petroleum products and natural gas, marking a pivotal step in its comprehensive digital transformation initiative.
- According to the International Renewable Energy Agency (IRENA), the renewable energy capacity of Egypt hit 6,709 megawatts in 2023, which was a 6.12% increase from the previous year. Today's energy grids heavily lean on digital control systems, making them vulnerable to cyberattacks. A single breach could halt power generation and distribution, leading to extensive blackouts. However, these risks can be mitigated with robust cybersecurity measures implemented across energy sectors.
- In February 2024, Egypt signed seven agreements with global firms to develop green hydrogen and renewable energy projects within the Suez Canal Economic Zone. These ventures are set to attract investments worth USD 40 billion over the next decade. This move aligns with Egypt's goal to position itself as a hub for green energy, supported by the government's recent investment incentive packages.
