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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.
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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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Yango Enhances Yasmina AI For Improved Conversations
The tech company has upgraded its AI assistant to deliver enhanced creativity, deeper conversations, and advanced bilingual translation.
Global technology company Yango Group has announced a significant upgrade to the large language model (LLM) powering its AI assistant, Yasmina. This enhancement allows Yasmina to deliver more accurate, nuanced, and context-aware responses in Arabic and English, improving interactions and user experience across the Middle East region.
The upgrade is part of a phased rollout of YangoAI, the company’s suite of advanced AI technologies specifically adapted to regional needs. As a result, Yasmina now offers 38% more accurate and timely responses in Arabic, made possible by an enhanced ability to analyze web documents. Additionally, unnecessary answer refusals have been reduced by almost 50%, ensuring smoother and more engaging conversational experiences.
One of the most notable new capabilities of Yasmina is its expanded bilingual translation skill. The improved assistant empowers bilingual users, educators, language learners, and content creators to seamlessly translate conversations between Arabic and English, facilitating better communication and understanding.
Beyond translation, Yasmina can now provide highly contextual recommendations for everyday activities and lifestyle choices. Users seeking personalized suggestions — for instance, how to spend a day in Dubai exploring both modern and traditional attractions — will experience enhanced clarity and precision from the assistant.
The assistant’s upgraded functionality also aids users with tasks such as real-time currency conversion, homework support that encourages independent thinking, creative brainstorming, poetry and storytelling, and even providing riddles suitable for children.
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“With more precise and culturally aware responses, along with additional skills, Yasmina’s latest upgrade positions it as a trusted everyday companion,” said Rami Abu Arja, Senior Innovation Marketing Manager at Yasmina, Yango Middle East. “From creative storytelling to translation, we are enriching lives with human-centered AI and making innovation more accessible to all. As the region embraces digital transformation, we continue to enhance our AI assistant, aiming to make it even more helpful, versatile, and relevant”.
YangoAI’s continuous training on region-specific data ensures that Yasmina and other Yango services authentically reflect local culture and user expectations across the Middle East.
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