Middle East ranks second in data breach losses

As outlined by the study, the global average cost of a data breach has reached an all-time high of $4.35 million for surveyed organisations…reports Asian Lite News

The Middle East region has incurred heavy losses from data breaches this year making it second only to United States on the list, according to a study published by IBM, the leading global technology company.

According to IBM Security’s annual Cost of a Data Breach Report, the Middle East has incurred losses of SR28 million ($7.45 million) from data breaches in 2022 alone — this figure already exceeds the total amount of losses accrued in each of the last eight years.

According to Arab News, the latest edition of the Cost of a Data Breach Report reveals costlier and higher-impact data breaches than ever before.

As outlined by the study, the global average cost of a data breach has reached an all-time high of $4.35 million for surveyed organisations.

In fact, 60 percent of studied organisations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues, the Arab News reported, citing the study.

Meanwhile, the report ranks the Middle East among the top five countries and regions for the highest average cost of a data breach.

As per the study, the average total cost of a data breach in the Middle East amounted to SR28 million in 2022, the region being second only to the US on the list. The report also spotlights the industries across the Middle East that have suffered the highest per-record costs in millions, with the financial (SR1,039), health (SR991) and energy (SR950) sectors taking first, second and third spots, respectively, it was reported.

“Today, more so than ever, in an increasingly connected and digital age, cybersecurity is of the utmost importance,” said Fahad Alanazi, IBM Saudi general manager. “It is essential to safeguard businesses and privacy. As the digital economy continues to evolve, enhanced security will be the marker of a modern, world-class digital ecosystem.”

He said, “the findings reiterate just how important it is for us, as a technology leader, to continue pioneering solutions that will help the Kingdom distinguish itself as the tech capital of the region.”

ALSO READ-Forbes unveils Middle East’s Top 30 Banks