GCC nations spend 66 per cent more than the global average each time there is a data breach, according to a new study, and analysts are issuing a stark warning.
The average cost worldwide of identifying and stopping a data breach is $2.1 million (Dh7.7m), compared to $3.5m typically spent in the GCC, according to researcher Gartner based in the United States.
More than 300 cyber attacks were reported over the last year in the region, at least half a dozen resulting in data breaches.
Cyber attacks can include system slowdowns and operational issues, while a data breach results in stolen information.
“We don’t have the right people here,” said Sam Olyaei, principal research analyst at Gartner.
“Usually three to four security analysts are required to detect such attacks in time but in this region there is an average of zero to one”
Organisations in the Middle East take more time on average to identify and contain a data breach – 260 days compared with Europe's average of 138 days.
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Industry experts consider the Middle East a vulnerable territory for cyber breaches.
“The Middle East is prime territory for cyber attacks. The geopolitical situation in some parts of the region is quite volatile … exposing those areas to cyber criminals,” said Ray Kafity, vice president of Middle East, Turkey and Africa at Attivo Networks, an American cyber-security defence company.
“This region is rich in minerals and natural resources, making it more prone to industrial espionage attempts. Also, the presence of large number of high net-worth individuals also bring Middle East on the radar of cyber criminals,” said Mr Kafity.
In the face of these risks, the region is increasingly putting cyber-security investment at the forefront, Gartner found, forecasting that Middle East and North Africa's spending on enterprise information security technology and services will reach $1.9 billion next year, an increase of 9.8 per cent over 2018. Enterprise information security constitutes a company's entire security processes and systems.
“Security and risk leaders will see new spending in areas related to cloud security and data security, driven by regulations and an increased awareness among organisations as their needs evolve to address more complex threats,” said Mr Olyaei. “Cloud and data segments are set to achieve the highest growth rates in 2019, at 108 and 18 per cent, respectively.”
As large cloud service providers such as Amazon, Microsoft and Alibaba establish data centres and service clients in the region, the market will continue to see double-digit growth in the future.
Gartner analysts and industry experts provided the latest outlook for the information security industry during the Gartner Security and Risk Management Summit in Dubai yesterday.
The researcher has observed organisations and governments in the Mena adopting digital initiatives in the past few years.
“Digital initiatives are changing how organisations identify, evaluate and confront risk,” said Mr Olyaei.
“CIOs [chief information officers] have had to evolve their traditional cyber-security systems to address the new cybersecurity risks that digital business initiatives introduce.”
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Killing of Qassem Suleimani
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
Honeymoonish
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List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
Company%20Profile
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
FROM%20THE%20ASHES
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The%C2%A0specs%20
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
