2020 IBM Report: Average cost per data breach incident in the Middle East stands at $6.53 Million

Healthcare, financial services and technology top the list as the most expensive industries for data breaches in the Middle East

  
2020 IBM Report: Average cost per data breach incident in the Middle East stands at $6.53 Million

DUBAI, United Arab Emirates – IBM Security announced today the results of a Middle East study examining the financial impact of data breaches on organizations in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Based on the in-depth analysis, the cost of a data breach in KSA and UAE has risen by 9.4% over the past year. These incidents cost companies studied in the region $6.53 million per breach on average, which is higher than the global average of $3.86 million per breach and is the second highest average breach cost amongst the 17 regions studied.

In KSA and UAE, breaches cost companies $188 per lost or stolen record on average, which represents an increase of 8.5% from 2019. Healthcare was found to incur the highest per record cost of a data breach, followed by Financial Services and then Technology.

The study found that malicious attacks were the root cause for 59% of data breaches in KSA and UAE, followed by system glitches at 24% and human error at 17%. Data breaches which originated from a malicious attack were not only the most common root cause of a breach, but also the most expensive, costing companies in KSA and UAE an average total cost per data breach of $6.86 million.

Sponsored by IBM Security and conducted by the Ponemon Institute, the 2020 Cost of a Data Breach Report is based on in-depth interviews with more than 3,200 security professional in organizations that suffered a data breach over the past year. 

“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 & 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.”

For the past six years, the Ponemon Institute has examined factors that increase or reduce the cost of a breach in KSA and UAE and has found that the speed and efficiency at which a company responds to a breach has a significant impact on the overall cost. This year’s report found the average time for companies in KSA and UAE to first identify a data breach after it occurs has decreased from 279 to 269 days, with an additional 100 days to contain the breach.

About the Study

The annual Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches taking place between August 2019 and April 2020, taking into account hundreds of cost factors including legal, regulatory and technical activities to loss of brand equity, customers, and employee productivity.

To download a copy of the 2020 Cost of a Data Breach Report, please visit: ibm.com/databreach   

Sign up for the 2020 Cost of a Data Breach Report webinar on Wednesday, August 12, 2020 at 11:00 a.m. ET here: https://ibm.biz/BdqhMf  

About IBM Security

IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM X-Force® research, enables organizations to effectively manage risk and defend against emerging threats. IBM operates one of the world's broadest security research, development and delivery organizations, monitors 70 billion security events per day in more than 130 countries, and has been granted more than 10,000 security patents worldwide. For more information, please check www.ibm.com/security, follow @IBMSecurity on Twitter or visit the IBM Security Intelligence blog.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases