SecurityMEA speaks with Dimitris Raekos, General Manager at ESET Middle East discussing cyber security market and the importance of SMEs for ESET business in the region.
What is the state of cybersecurity solution market in the region?
The Middle East region has been one of the most busiest region worldwide in terms of targeted and non-targeted security incidents during the last year. Security or rather the lack of security preparedness has managed to raise headlines in non-traditional IT media. Fortunately, most of the prominent IT Security vendors are having a presence in the Middle East and are able to provide adequate products and services to the market.
As per the latest report by the research company, MarketsandMarkets, the Middle East cyber security market size is expected to grow from USD 11.38 Billion in 2017 to USD 22.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.2%.
How important are SMEs for your business in Middle East?
SMEs are integral part of our business strategy and has been key component to our success in Middle East. Wide array of our product portfolio caters to the demand for SMEs, which is one of the prime reasons that we are constantly adding new and updating features to our solutions to match the needs of SMEs in the region.
In your view, what are the typical challenges SMEs face?
In my view large organizations that appear to be taking cybersecurity much more seriously these days, with security teams having both the budget and also the support of C-level. But on other hand many SMEs are struggling to anticipate the changing threat landscape by adapting and updating their cyber security procedures making them an attracting target for cyber-attacks. SMEs do have budget restraints and lack of awareness as they are facing difficulties to spot the right solutions for their organization size as many of the advance and well marketed technologies are focusing solely on the enterprise market.
How can SMEs counter such challenges?
As SMEs have significant limitations, it is important for them to understand that cybersecurity not only depends on the providers they choose to safeguard it, but also on themselves, thus educating is really important. It is very important to consult an security specialist, in case, SMEs find themselves in a situation where they have lack of market knowledge for the available solutions that can help them solve their problems and are also within their budget. In short, awareness, understanding and knowledge is key to address these challenges.
How do ESET enable SMEs to secure themselves?
ESET solutions fulfill the requirements of the SMEs both in terms of advanced security features but also in terms of cost. Actually in a recent survey, 62% of our customers saw a ROI in less than 6 months after using our products. In addition, we deliver specialized half day events for SMEs in all major Middle Eastern cities called “ESET Security Days” with interactive educational and product related presentations tailored to SMEs.