Digital transformation and increased data sharing have made personal data protection more challenging than ever. 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, the National Information Assurance Partnership (NIAP), and the National Cybersecurity Authority (NCA) Regulations of Saudi Arabia 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).
Here are some of the alarming stats related to data breaches in the Middle East:
- The Middle East incurs the second-highest average breach costs at $7.46 million.
- There has been a 13% increase in data breach costs since 2021.
- The financial impact of security incidents in the Middle East has risen by 6% over the past year.
According to a report, the most hit sectors are Finance, Healthcare, and Energy. The increased number of cyberattacks during the COVID-19 pandemic has caused many organizations to rethink their data security strategy.
Download this infographic to learn more about data breaches affecting the Middle East region. This infographic also shows how Seclore can help reduce the risk of data breaches and ensure compliance with data privacy regulations.