Data Breaches in the Middle East Region
With the digital transformation and easy access and sharing of data, personal data protection is becoming challenging. Most countries around the globe have recognized the need to establish laws and regulations to monitor the movement of sensitive data to maintain confidentiality and govern national data sovereignty.
Compliance regulations like the Saudi Arabian Monetary Authority (SAMA), Saudi Data and AI Authority (SDAIA), UAE Resolution no. 21 of 2013, and the National Information Assurance Partnership (NIAP) require organizations to protect critical and sensitive information.
The growing technology adoption in the Middle East region has enabled many organizations to operate more efficiently and opened new avenues for business. However, it has also exposed organizations to more cyber-attacks. Sophisticated cybercrimes and digital espionage are rising in Gulf countries like the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE).
The new IBM report consisting of analyses of the data collected from 16 regions other than the Middle East reveals the following stats:
- The Middle East incurs the second-highest average breach costs
- Between March 2020 and March 2021, the cost of cybersecurity incidents in the Middle East rose by 6% from the last year, amounting to $6.93 million per data breach.
- The number of cyberattacks rose by at least 250% in 2020.
According to this report, one of the most hit verticals was the healthcare industry. As a result of the pandemic, cyber-attackers have successfully held hospitals and healthcare systems hostage to fulfil their pricey demands.
How Seclore can help reduce the risk of data breaches and ensure compliance with data privacy regulations.