According to an IBM Report, the average cost of a data breach in the region is SAR 29.9 million—the highest it’s been in a decade. The growing digital landscape, combined with sophisticated cyberattacks, has made the Middle East a prime target for malicious actors.So, what’s driving these skyrocketing costs? Let’s explore the key factors behind the cybercrime surge in the region and why companies are losing billions.
Why Is Cybercrime Costing the Middle East Billions? 💰🌐 Rapid Digitalization: The Middle East, especially Saudi Arabia and the UAE, is transforming into a tech-driven region, with sectors like e-commerce, finance, and public services going digital at lightning speed. However, this rapid shift is leaving gaps in cybersecurity infrastructure, making businesses more vulnerable to cyberattacks.🎯 High-Value Targets: The region is home to some of the world’s wealthiest organizations, including oil and gas giants and sovereign wealth funds.
Cybercriminals are aware of the big payouts these companies can make in exchange for releasing their compromised data.🛠️ Ransomware-as-a-Service: The rise of ransomware-as-a-service means that hackers don’t need advanced skills to launch an attack. With these tools available on the dark web, cybercriminals are targeting businesses across the region, with 84% of UAE companies agreeing to pay ransoms.⚔️ Geopolitical Tensions: State-sponsored hackers, especially from Iran, are conducting politically motivated cyberattacks against Gulf states. These attacks disrupt critical infrastructures, from energy to finance, further driving up the costs of cybercrime.
The Rising Costs of Cybercrime in 2023, Saudi Arabia and the UAE ranked second globally for cybercrime costs, with the average financial damage per attack exceeding $8 million. That’s a sharp rise from 2018, when the cost was around $5.31 million per incident. These rising costs are attributed to the region's rapid digital growth, its high-value targets, and the increasing sophistication of cyberattacks.
What Can Be Done to Curb the Losses? Upgrade Cybersecurity Measures: Businesses must prioritize upgrading their cybersecurity systems to keep pace with rapid digitalization. This includes using AI-powered threat detection and end-to-end encryption to protect data. Invest in Cyber Resilience: Companies need to develop robust cyber resilience plans, including backup systems, incident response teams, and regular security audits.
This can help minimize the damage caused by a cyberattack and reduce recovery time. Collaborate on Threat Intelligence: Governments and private enterprises must work together to share threat intelligence and develop coordinated responses to cyberattacks. Stronger public-private partnerships can help improve overall security across industries. Source: GISEC DECODED
Why GISEC GLOBAL?
As the Middle East continues its journey toward becoming a global tech hub, the region remains an attractive target for cybercriminals. With cybercrime costs soaring into the billions, it's not just about managing risk anymore—it's about survival. Businesses must take proactive steps to secure their digital infrastructures before it's too late. The stakes are higher than ever, and the time to act is now. But you don't have to tackle this challenge alone.
Events like GISEC GLOBAL are critical for keeping pace with the latest cybersecurity trends, technologies, and threats. GISEC GLOBAL is more than just an event—it’s where global cybersecurity leaders, innovators, and decision-makers come together to share insights, strategies, and cutting-edge solutions.
Join discussions delving into intricate aspects of Information Security. Acquire valuable perspectives from practical situations highlighting the pivotal importance of Cybersecurity in mitigating potential risks.
Explore inventive strategies and cooperative initiatives driving the evolution of digital security and privacy. Experience an array of cybersecurity forums, interactive sessions, executive boardrooms, and beyond at GISEC GLOBAL – the premier Cybersecurity gathering in the Middle East and Africa. Organized in partnership with the UAE Cybersecurity Council and Dubai Electronic Security Centre, supported by UAE Ministry of Interior and Dubai Police the event will be hosted at the esteemed Dubai World Trade Centre.