Market Trends of Morocco Cybersecurity Industry
BFSI Segment Holds a Major Share
- The need for advanced cybersecurity solutions is rising, with Moroccan banks and financial institutions increasingly adopting digital services like online banking, mobile payments, and digital wallets. Thus, many banking organizations in Morocco outsource their security operations to managed security service providers due to the shortage of in-house cybersecurity expertise. The services offered provide 24/7 monitoring and support, crucial for detecting and responding to threats in real-time.
- In Morocco, numerous cybersecurity firms prioritize data protection to assist clients in combating cyber threats. For instance, Thales guides organizations from traditional encryption approaches to unified data protection deployments. This shift facilitates the organization for upcoming security challenges and ensures compliance. Thales' cybersecurity portfolio provides data discovery, encryption, key management, network encryption, hardware security modules, and others. It empowers customers to safeguard and manage their data in the cloud, on-premises, or hybrid IT setups.
- Moreover, Morocco's central bank, Bank Al-Maghrib, and the Ministry of Economy and Finance jointly unveiled the National Financial Inclusion Strategy (NFIS) in 2018. This strategy sets ambitious targets to achieve a 50% financial inclusion rate by 2023, increasing to 75% by 2030. These goals focussed on Morocco's dedication to fostering a more inclusive economic landscape.
- Financial institutions handle a vast amount of sensitive data, including customer financial information and transactions. Thus, the country needs to fulfill stricter regulations and compliance requirements for data protection laws, driving investments in cybersecurity. The BSI sector is a prime target for cybercriminals; thus, cybersecurity solutions facilitate strong security controls and monitoring systems.
- Enterprises prioritize secure communication channels for internal and external interactions, especially for financial institutions. This emphasis drives the adoption of network security solutions. By safeguarding critical data, these solutions help with data security and promote seamless operations, consequently amplifying the prominence of network security within Morocco's cybersecurity market.
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The Cloud Security is Expected to Register Major Growth
- End-user companies are increasingly adopting cloud-based security solutions due to their large benefits, such as enhanced productivity, flexibility, scalability, cost-effectiveness, and a platform for innovation. Traditionally, businesses invested in managing their networks, servers, and hardware to safeguard critical data, which involved a substantial upfront investment but continuous expenses for maintenance and upgrades. Thus, organizations in Morocco are pivoting to cloud solutions and investing in cost-saving by deploying cloud cybersecurity solutions.
- Cloud-based cybersecurity solutions offer cost-effective and scalable options for small and medium-sized enterprises (SMEs), which may have limited budgets for on-premises security infrastructure. Thus, SMEs can access advanced security features and technologies through cloud solutions that would otherwise be out of reach due to high costs.
- As Moroccan businesses and government entities continue their digital transformation journeys, cloud services are being adopted, creating a demand for robust cloud security solutions. For instance, in March 2024, Oracle announced its plans to establish a cloud region in Morocco. The tech giant is collaborating with the data center operator N+One, leveraging one of its data centers to host Oracle Cloud Infrastructure (OCI). This will facilitate that data will remain within the geographic area and help in compliance with local regulations and laws.
- In Morocco, many players are actively involved in tackling cyber threats. For instance, Trend Micro solutions detected and blocked a staggering 89 million email threats, prevented 1.36 million malicious URL attacks, and safeguarded 20,774 URL hosts. Furthermore, they successfully halted over 3.7 million malware attacks in 2023.
- GITEX Africa 2024, held in Morocco, included a cybersecurity forum on May 29, 2024. This event is designed to address critical issues of cyber threats and advance cybersecurity across various sectors. Africa loses USD 4 billion annually to cybercrime, equivalent to 10% of its GDP. In the past year alone, cyber-attacks spiked by more than 20%, posing a direct threat to economic growth and personal privacy. Thus, the demand for robust cybersecurity policies and frameworks intensifies in Morocco.
