A new report from US based IT giant, IBM, has found that cyber attacks on businesses in the United Arab Emirates and Saudi Arabia end up costing the victims around $6.53 million per attack.
The research found that the cost of data breaches had risen by 9.4 per cent, compared to the same time last year.
The global average for the cost of a cyberattack on an enterprise was $3.86 million, significantly lower than the KSA and UAE average, with the abundance of high value targets in the region accounting for the increased cost.
“IBM has been in the region for more than 70 years. Over the decades, we have been playing a vital role in shaping the region's technology landscape and accelerating the digital transformation journeys of our customers," Hossam Seif El-Din, vice president, enterprise and commercial, IBM Middle East and Africa. "Cybersecurity has become overly complex. Through our deep understanding of the region’s security environment and challenges, we are always ready to help equip governments and businesses with the solutions and skills to be prepared against inevitable cyber threats. With 8,000 professionals around the world, IBM today has industry's largest, dedicated security services team.”
In the United Arab Emirates and Saudi Arabia data theft was a prime motivation for cyber criminals, with the average cost of a breach working out at $188 per stolen record – an 8.5 per cent increase from the 2019 figures.
The report found that 59 per cent of data breaches in the UAE and Saudi Arabia were as a result of malicious attacks by nefarious actors, while 24 per cent were due to system errors and 17 per cent were down to human error.
You can download a copy of the report compiled by IBM Security and the Ponemon Institute, by clicking here. The report was compiled through an extensive programme of interviews with 3,200 security professionals working for organisations that had suffered a security breach in the past 12 months.