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Report Highlights $7.45 Million In Damages From Data Breaches Across The Middle East
The worldwide cost of data loss is at an all time high, with the Middle East among the top five regions suffering the most damage.
IBM has released its annual Cost of a Data Breach Report for 2022, and the findings aren’t looking positive for the Middle East region. Now in its 17th year, the report highlights the importance of cybersecurity and the costs incurred by businesses who have succumbed to hacking (data breaches).
This year, the Middle East has already been damaged by data hacks to the tune of SR28 million ($7.45 million) — a figure that not only beats the combined total of the last eight years, but also puts the region in the top five in terms of lost revenue.
The Middle East has not only made the top 5 for overall losses but also took second place (behind the USA at number one) for the average amount lost from each individual data breach.
The report also breaks down the industries that have suffered the highest per-record cost in millions. Here’s how the top three entries stack up:
- Financial: SR1,039
- Health: SR991
- Energy: SR950
Overall, the IBM report has found that the cost of securing a company after a data hack has increased by more than 13 percent over the last two years. This figure has almost certainly contributed to rising global inflation — a theory backed up by the fact that 60% of businesses in the report have increased their prices as a direct result of a data breach.
Also Read: NordPass Shines Light On Poor Password Hygiene
Fahad Alanazi, general manager of IBM Saudi Arabia, has noted that in our increasingly digital world, cybersecurity is more vital than ever before — especially as countries such as Saudi Arabia embrace a growing online economy.
“Our research confirms how crucial it is for us, as a leader in technology, to keep developing new approaches that will assist the Kingdom in establishing itself as the region’s innovation hub,” says Alanazi.
Perhaps most interestingly, IBM’s research suggests that the average business spends 50% of its breach expenses over a year after a hack has taken place, highlighting just how long a company can be affected by a digital security breach.
As the online world continues to develop at speed, the IBM report suggests the adoption of AI and automation are essential security tools for the future, estimating that the individual cost of data breaches could be reduced by over $3 million by embracing the latest technology.
News
PayPal & TerraPay Join Forces For Cross-Border MENA Payments
The collaboration will be especially helpful in regions where traditional banking infrastructure is limited or inconsistent.
PayPal has teamed up with TerraPay to improve cross-border payments across the Middle East and Africa. The move is designed to make it easier and faster for users to send and receive money internationally, especially in regions where traditional banking infrastructure can be limited or inconsistent.
The partnership connects PayPal’s digital payments ecosystem with TerraPay’s global money transfer network. The goal is to streamline real-time transfers between banks, mobile wallets, and financial institutions, significantly improving access for millions of users looking to move money securely and efficiently.
Through the partnership, users will be able to link their PayPal accounts to local banks and mobile wallets using TerraPay’s platform. This means faster transactions and fewer barriers for individuals and businesses across the region.
“The Middle East and Africa are at the forefront of the digital transformation, yet financial barriers still limit growth for many,” said Otto Williams, Senior Vice President, Regional Head and General Manager, Middle East and Africa at PayPal. “At PayPal, we’re committed to changing that […] Together, we’re helping unlock economic opportunity and build a more connected, inclusive financial future”.
For TerraPay, the deal is a chance to scale its reach while reinforcing its mission of frictionless digital transactions.
“Our mission at TerraPay is to create a world where digital transactions are effortless, secure, and accessible to all,” said Ani Sane, Co-Founder and Chief Business Officer at TerraPay. He added that the partnership is a major milestone for enhancing financial access in the Middle East and Africa, helping businesses grow and users move funds with fewer limitations.
Also Read: A Guide To Digital Payment Methods In The Middle East
The integration also aims to support financial inclusion in a region where access to global banking tools is still uneven. With interoperability at the core, TerraPay can bridge the gap between different financial systems — whether that’s a mobile wallet or a traditional bank — making it easier to send money, pay for services, or grow a business across borders.
As the demand for cross-border payment options continues to rise, both PayPal and TerraPay are doubling down on their commitment to provide reliable, secure, and forward-looking financial tools for the region.
PayPal & TerraPay Join Forces For Cross-Border MENA Payments
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