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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.

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2 years ago

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report highlights $7.45 million in damages from data breaches across the middle east

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.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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