UAE and Saudi Arabia alone accounted for a mean cost of $108.52. The Middle East companies incurred a maximum data stealing cost of $12.35 million. It was reported that about half the overall cost of the data stealing accounted for ‘lost business’.
In the Middle East countries, there are as many as 50% incidents of data breach with criminal intentions as opposed to an incident taking place due to an error by an employee. It was found that the organizations in the field of retail and technology were far more vulnerable to data attack as compared to the industrial and energy companies. Only 38% of the organizations were reported to have a security system in place in order to safeguard their infrastructure (IT).
A fool-proof counter attack plan is an important component of a security strategy in the Middle East, IBM reported. An information security officer to keep a vigil and a check on the data breach incidents along with understanding the environment viz. the risk factors, access rights and data categorization are the skeleton of a sound information security strategy. According to Aboualy, there would be an investment of $14 million in the next year to implement the information security plan. He said that as the cyber-attacks not only rising in number but are also gaining more in sophistication factor, it is high time for the organizations to take important steps and invest wisely in designing a robust information security master plan.