Cybersecurity Boom in Lebanon: Experts Expect Double-Digit Growth

Rising Concerns Amid Uneven Awareness Levels

Beirut, Lebanon - The threat of cyberattacks is on the rise in Lebanon, with local companies and experts warning that the country’s businesses are increasingly vulnerable to online attacks. Despite this growing concern, awareness levels among Lebanese companies remain uneven, with some sectors more advanced than others.

Banks Not Immune to Attacks

According to Sam Choueiri, CEO of CIEL, a leading cybersecurity company, banks are not the only targets for cybercriminals. “Today we’re seeing a lot of cyberattacks - especially ransomware or other types of attacks - targeting every type of business,” he said in an interview with Executive magazine.

Uneven Awareness Levels

The banking sector is one of the most advanced when it comes to cybersecurity, but even this sector is not immune to attacks. Choueiri estimates that awareness levels among Lebanese companies are extremely unequal, with IT-related companies being more aware of security risks than others.

Challenges in Assessing Cyber Breaches

Another expert, Rustum, CEO of CIEL, notes that besides missing awareness, it is often difficult to assess the real number and magnitude of cyber breaches and security damages in Lebanon because of widespread reluctance of breached companies to come forward and disclose their misfortune, mostly due to fear of reputation loss.

Double-Digit Growth Expected

However, despite these challenges, cybersecurity companies are expecting double-digit growth in the coming years. Choueiri expects demand to increase between 35 and 40 percent year-on-year, while Rustum believes that more is in store for the industry. “I have a feeling that this year will be the year of cybersecurity. Everybody is talking about it,” said Choueiri.

GlobalCom’s Cyber SOC

One company leading the charge in Lebanon’s cybersecurity market is GlobalCom, which has partnered with British Telecom (BT) to develop its own cyber SOC (Security Operations Center). The investment into the cyber SOC will be in the multi-million dollars, according to Habib Torbey, CEO of GlobalCom Holding and general manager of its data carrier unit.

Outsourcing Cybersecurity Services

Torbey believes that outsourcing cybersecurity to specialist companies would be legally feasible for local banks, although compliance with banking secrecy laws requires that they use a cyber SOC located in Lebanon. He also expressed the hope to additionally turn it into revenue opportunity by selling its services.

Conclusion

The article concludes by highlighting the growing importance of cybersecurity in global markets, with international specialist companies seeing rising valuations and demand for their services. Despite challenges facing local companies, experts remain optimistic about the future of the industry in Lebanon.

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