A leader in cybersecurity, Palo Alto Networks is an American multinational corporation (MNC) with headquarters in Santa Clara, California. It was founded in 2005.
Helmut Reisinger was appointed as the Chief Executive Officer (CEO) for Europe, the Middle East, and Africa (EMEA), as well as Latin America, by Palo Alto Networks in January (LATAM).
Reisinger served as the CEO of Orange Business Services and had executive positions at Avaya Inc., NextiraOne Germany, and Alcatel Austria in addition to other companies around Europe.
During an exclusive interview with Khaleej Times at the ongoing Gitex Global 2022, the charming Austrian discussed the "fragmented state of the cybersecurity sector."
"It's crucial to realize that the industry is split up and includes a number of players. Every time a hacker creates a new issue, a new business is born. Consider Palo Alto Networks, which has a 3.5% market share and is the top cybersecurity company globally. Hackers now have an industrialized criminal mindset and compete with businesses that are making security efforts. The growing digitization of businesses has increased the size and significance of cybersecurity. Every three years, data grows. Naturally, the interdependence of the world economy has never been greater, he continued.
The Middle East must strengthen its essential infrastructure and take a cue from attacks on the German rail network as a result of the trend, which is significant.
Data indicates that nation-state attacks have escalated by over 100% over the previous two years, and this is manifesting itself in the cyber battlefields (the ongoing Russia-Ukraine conflict is a case in point). The increase in ransomware assaults during the Covid-19 outbreak was described by Reisinger (see box).
"It appears that the increase in cyberattacks is being driven by geopolitical tensions, the new ways of functioning in a post-pandemic environment, and the criticality of the supply chain. However, our best practices guarantee that Unit 42, our specialized unit for disaster recovery emergencies, is constantly monitoring 56 companies that provide ransomware as a service.
Additionally, because ransomware is no longer used to encrypt data and subsequently demand payment, the threat has shifted in nature. They are listed on a'shame list' and are also data leakers. The dark web frequently features all of those businesses whose data has been stolen, the speaker continued.
He used Dubai as an excellent illustration of an interdependent economy whose main industries are tourism and trade, which, like the Middle East, must be on guard to fend off ransomware attacks.
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