1.37 million USD fine is motivating companies to embrace cyber security
Naseba previously reported on the new data privacy laws in Qatar. In the near future, these laws will place the burden and responsibility of protecting sensitive information on the leadership of every organisation in the country. Organisations that fail to comply with the new laws will face heavy fines of up to 1.37 million USD.
Qatar is not the first country in the GCC to implement such laws. Oman, for example, has been one of the most proactive countries in the GCC in terms of adopting legislation to help promote cyber security and protect the country’s virtual borders.
Naseba has over 13 years of experience in the regional IT sector, predominantly working with CIOs and CISOs to understand their needs and help them build capacity. Following the announcement of Qatar’s new data security laws, we reached out to several international organisations for commentary. These included Fidelis Cybesecurity and Airbus, who had this to say about the new laws:
“We are thrilled to see the State of Qatar’s continuous drive towards better cyber security regulations, the passing of this law serves as a wake-up call for organizations to retract their best effort traditional security solutions, and put in place the correct processes and technologies for detection and response, as they get ready to respond to law enforcement about the source, extent and damage of breaches, or be prepared to pay the hefty fines,” said Roland Daccache, Senior Regional Sales Engineer MENA at Fidelis Cybersecurity.
This sentiment was echoed by the General Manager Middle East at Airbus DS CyberSecurity, who said: “Following the recent, worrying global wave of private information being stolen, it is time to force economic stakeholders to protect their customers’ data. The new data privacy law in Qatar represents a significant step forward in terms of fully securing businesses against repeated threats and attacks. Similar regulatory measures are being taken in the private sector. For example, some insurance companies are considering introducing a premium that increases significantly if policyholders fail to implement efficient cyber protection.”
We also spoke to several CIOs in Qatar, most of whom expressed the view that the new law had been a long time coming, and that its implementation on a region-wide level is only a matter of time.
Regional CISOs will now be able to rely on financial risk as a way to motivate board members to approve budgets for cyber security solutions. After all, the potential loss of 1.37 million USD is a very real financial risk.
The main issue for these CISOs is accessing the latest and best technologies so that they can show a proactive approach in protecting the organisation from cyber threats. Now that CISOs have been armed with plenty of budget liquidity and an abundance of pressure, 2017 is going to be a very lucrative year for cyber security companies in Qatar.
Naseba will be hosting the 9th Cyber Defence Summit in Doha, Qatar on October 10th, 2016. The summit will gather over 120 CIOs, CISOs and Heads of IT and Security to source cutting-edge cyber security solutions from leading IT solution providers.
To learn more, contact:
+971 44 55 79 27