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Average cost per data breach incident in the Middle East is $6.53 million

Organizations in the UAE have an urgent need for robust cybersecurity solutions, expert says

According to a recent study, the average cost per data breach incident in the Middle East is $6.53 million, studies show.

With a burgeoning economy and rapid digital transformation creating an increase in data, organizations in the UAE have an urgent need for robust cybersecurity solutions, an expert said.

“The inevitability of cyberattacks, which can strike any organization, regardless of industry or region, underscores the urgency of this need. Data, the lifeblood of any business, is at risk, and it’s not a matter of if but when these incidents will occur,” Bipul Sinha, CEO, Chairman and Co-Founder of Rubrik, said.

The task of managing and securing the diverse range of data in the UAE, from intellectual property to customer information, personal identification data, and financial records, is of paramount importance. This is further complicated by the interconnected digital technologies that have access to this data. “Organizations must protect their applications and infrastructure with complete cyber resilience, which means they need a solution that focuses on before, during, and after a cyber attack. Rubrik gives organizations a unique architecture that enables us to continuously scan our customers’ data for threats while the data is backed up. In the case of a cyberattack, Rubrik can quickly recover uncompromised copies of their data,” Sinha said. The country must also form a collaboration between governments, industries, and the public. This collective effort will create a powerful force that enhances awareness about cyber threats, promotes safe online behavior, and equips organizations with the necessary technology to combat emerging digital threats, he added.

AI can help mitigate data risks by supporting continuous monitoring for threats, sensitive data, and anomaly detection. “However, it’s important to note that AI can also be used by cyber attackers to lower their barriers to entry, making it easier for them to breach current security measures. This underscores the need for robust cybersecurity measures. Organizations must be prepared for the inevitable - when, not if, a cyber attack occurs,” Sinha said.

Rubrik combine backup solutions with advanced threat analytics and recovery strategies powered by AI to safeguard sensitive data across various environments, including cloud, on-prem, and SaaS.

The most troubling cost for cybersecurity is when a breach happens.

Costs may include:

●Forensic analysis of the origin of the attack and its impact on systems and data

●Remediation of affected systems

●Restoration of data that was deleted or modified in the breach

●Determination of the extent of the breach and the scope of affected parties, e.g., customers and partners

●Notification of relevant parties, including government agencies

●Payment of fines, e.g., for violations of the EU’s GDPR law

●Determination of legal liability, if any

●Handling customer, media, and investor inquiries

“The above costs don’t factor in the reputational damage, which can be severe. For example, a financial services organization will lose stakeholder and shareholder trust and confidence. In the case of healthcare, the consequences can be even more severe. Hospitals can close, and electronic medical records may not be accessible. A healthcare breach impacts individuals who need critical care; it’s a life or death situation that demands immediate attention,” Sinha said.

As organizations increase their data, move that data to the cloud, and adopt new technologies such as hyperscalers (large-scale data centres that provide cloud computing, networking, and data storage services to organizations and individuals), Rubrik senses a golden opportunity to play a crucial role in securing the country’s digital future. “Our work with the financial, retail, healthcare, and government sectors in the UAE is not just a service, but a crucial component in the continuity of their business operations. We believe what we do matters, especially when their operations are at risk due to a cyber event or operational failure,” Sinha said.