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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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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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Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

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initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

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