FinTech drives GCC cybersecurity market to USD 8 billion

From facial recognition and iris scans to cryptocurrencies, the Gulf Cooperation Council (GCC)’s cybersecurity market has already reached USD 8 billion this year, and is expected to increase even more before the year is over. This increase is being especially driven by banks in the United Arab Emirates (UAE), which are rapidly deploying multi-factor identification authentication. Additionally, the Emirates Blockchain Strategy 2021 is likely to result in digital banking transactions beginning to move towards using bitcoins and its blockchain platform at a greater frequency than ever before.

The UAE’s financial sector has always been at the forefront of innovation as banks in the country have understood the need to place the trust of their customers and employees front and center. For them, FinTech partners play a key role in supporting them by providing unified tools and processes to securely store, manage and access customer data at all times, at all locations and on all devices.