A new report from global cybersecurity leader Fortinet reveals that Saudi Arabia is setting the benchmark for banking sector cyber readiness across the Middle East and Africa, even as financial institutions face an unprecedented surge in sophisticated digital threats. The findings come at a critical time, with the report highlighting a staggering 1300% global increase in fraud operations based on Deepfake technology during 2024.
The report, titled “Cybersecurity for the Banking Sector in the Middle East and Africa 2026,” underscores the growing complexity of the threat landscape, driven by rapid digital transformation, expanding cloud infrastructure, and the dual-edged sword of artificial intelligence.
A Perfect Score in a Shifting Threat Landscape
Reflecting its significant national investment in digital resilience, the Kingdom of Saudi Arabia achieved a perfect score (20/20) in the Global Cybersecurity Index 2024 issued by the International Telecommunication Union. This places the Kingdom among an elite group of only 13 countries in the MEA region classified within the highest global tiers for cybersecurity preparedness.
This achievement is a testament to the nation’s proactive approach to cybersecurity governance and digital infrastructure development, aligning directly with the objectives of Vision 2030. It stands in stark contrast to the growing risks targeting digital and mobile banking services through advanced phishing attacks and AI-driven digital identity impersonation.
The Dual Role of Artificial Intelligence
The report emphasizes that emerging technologies, particularly artificial intelligence, play a pivotal role within the financial sector. While AI is being leveraged to strengthen advanced cyber defense capabilities and enable real-time fraud detection, it is simultaneously being weaponized by malicious actors to create sophisticated threats.
These AI-powered attacks include deepfake fraud, automated phishing campaigns, and digital identity theft. In response, Saudi Arabia’s National Cybersecurity Authority is promoting the use of AI-powered cybersecurity tools to automate routine tasks, enhance customer data protection, and counter the acute shortage of specialized talent in the field.
Sovereign Cloud and Third-Party Risks
Driven by data localization requirements and national security concerns, sovereign cloud infrastructure is experiencing rapid growth across the GCC. The report highlights the emergence of Saudi Arabia as a major regional hub, with global cloud service providers establishing in-country service centers.
This strategic shift, combined with the adoption of Banking-as-a-Service models, has increased the sector’s reliance on third-party service providers. While enabling innovation, this expands the potential attack surface, prompting tighter oversight from the Saudi Central Bank and the National Cybersecurity Authority to mitigate supply chain risks.
Navigating Future Challenges From Talent to Quantum
The report also looks ahead to future challenges, including a global cybersecurity talent shortage exceeding 4.7 million specialists. This gap makes it increasingly difficult for organizations to confront evolving digital threats.
Furthermore, a significant looming challenge is the advent of Post-Quantum Cryptography. A regional survey revealed that 61% of organizations in Europe, the Middle East, and Africa are not prepared for the post-quantum era, with only 12% having started to deploy quantum-safe security technologies. Strategic priorities for the Saudi banking sector will include developing early roadmaps for adopting these essential future-proof technologies.
About Fortinet
Fortinet is a global cybersecurity leader that develops and sells cybersecurity solutions, including physical firewalls, antivirus software, intrusion prevention systems, and endpoint security components. The company is a driving force in the evolution of cybersecurity and the convergence of networking and security, providing a unified platform to protect all network edges and enable digital innovation.
Source: MEA TechWatch
