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.
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.
Emirates Airline To Invest $2 Billion On Major Upgrades
Emirates plans a huge retrofit on its fleet and an upgrade to the inflight experience.
Emirates Airline has just announced plans to improve its inflight experience for passengers. The carrier has budgeted $2 billion to refit the interiors of over 120 of its aircraft, aiming for a more modern aesthetic for cabins, along with better food choices, modern inflight entertainment options, and a significant service overhaul.
Emirates is well known for its premium service, so this overhaul is an ambitious decision, as many other airlines are trying their hardest to increase revenues and reduce costs.
“Emirates is flying against the grain and investing to deliver ever better experiences to our customers. Through the pandemic we’ve continued to launch new services and initiatives to ensure our customers travel with the assurance and ease, including digital initiatives to improve customer experiences on the ground. Now we’re rolling out a series of intensive programmes to take Emirates’ signature inflight experiences to the next level,” says Sir Tim Clark, President of Emirates Airline.
The investment aims to ensure Emirates stays on top form, with many of the upgrades scheduled to materialize quickly. For the physical refit, aircraft are scheduled to enter the Emirates Engineering Center in November. So what can passengers expect once work is complete? The most significant change will be to aircraft interiors, where flyers of all classes will immediately spot new flooring, paneling, and reupholstered seats.
As well as a physical overhaul, the airline plans to upgrade entertainment systems, adding a “Cinema in the Sky” experience, complete with a bespoke app. In addition, better meal choices will reflect changing dietary preferences, including a new vegan menu and a nod to sustainability — though there will remain a strong luxury vibe to the proceedings, as the company has entered an exclusive agreement to offer Dom Perignon vintage champagne on board, as well as delicacies such as Persian caviar.
Though many of the improvements may seem trivial, Emirates is hoping that along with a huge cabin overhaul, their overall flight experience will continue to make travel a pleasurable experience, elevating their service above the competition.