The ongoing conflict in Ukraine has caused disruption across the global economy, prompting an increase in the number and sophistication of cyberattacks. According to a poll of 800 chief audit executives conducted by the UK-based Chartered Institute of Internal Auditors, 77% of respondents thought the conflict in Ukraine had elevated cybersecurity and data-security risks. Senior cybersecurity analysts have said the conflict in Ukraine has been accompanied by sustained cybercrime, with a large number of cyberattacks and cyberthreats launched since the start of the conflict.
Cyberthreats
The increased threat of cyberattacks builds on the already heightened cybersecurity environment in the wake of the Covid-19 pandemic. As financial transactions have increasingly migrated online in recent years, businesses have become targets for hackers. According to a 2024 report from security vendor SonicWall, malware jumped 11% in 2023, with encrypted threats up 117% and cryptojacking up 659%. Notably, malware attacks dropped by 2% in Europe and Asia, while increasing in North America and Latin America by 15% and 30%, respectively. Cryptocurrencies have provided similarly fertile ground for hackers. A record $24.2bn in digital currencies was transferred to illegal addresses in 2023, according to blockchain data platform Chainalysis, up from $20.6bn in 2022.
Security Measures
With cyberattacks on the rise in recent years, several emerging markets have taken steps to bolster security. In February 2024 the National Cyber Security Agency in Qatar updated its Qatar National Cybersecurity Strategy for the period 2024-30. In line with international trends, the strategy intends to enhance corporate governance, bolster cybersecurity capabilities, nurture digital talent, forge international collaborations, strengthen the cybersecurity workforce and closely monitor the overall performance of the strategy. By establishing training programmes and talent development initiatives, Qatar aims to nurture cybersecurity professionals with the knowledge and expertise to safeguard its digital infrastructure effectively.
Gulf Impact
The value of the Middle East’s cybersecurity market is projected to grow from $20.3bn in 2022 to $44.7bn in 2028. This is partly a reflection of the risks, as a study by research centre Ponemon Institute and IBM Security conducted in 2020 showed that data breaches result in an average corporate loss of $6.5m per organisation in the Middle East, which is significantly higher than the global average of $3.9m.
Smaller businesses with fewer resources face distinct online risks. For example, small businesses in Bahrain saw a 348% rise in cyberattacks during the first quarter of 2022 compared to the same period in 2021, according to Russian cybersecurity firm Kaspersky. In response, in early 2022 Bahrain launched the Telecommunications, ICT and Digital Economy Sector Strategy 2022-26, The roadmap aims to develop cybersecurity standards and enhance the country’s capacity to monitor and respond to cyberattacks, as well as conduct cybersecurity training.
In January 2025 the UAE Cybersecurity Council – established in 2020 – announced that the country faces approximately 200,000 daily cyberattacks. IT and infrastructure were the main targets, accounting for 40% of total threats, with file-sharing systems accounting for 9% and vulnerabilities in databases for 3%. Ransomware remains a major concern, with the BlackCat group, a syndicate of Russian hackers not believed to have ties with the government, responsible for 51% of all ransomware-related attacks.
Despite the successes of the UAE Security Council in defending against these attacks, concerns remain. In a survey published by UK-based IT security firm Mimecast in 2022, 68% of the 400 IT decision-makers surveyed in the Saudi Arabia and the UAE have had to postpone digital transformation initiatives in response to cybersecurity concerns. As firms go digital, attackers have more scope to compromise their systems.
