Cybersecurity Threats Facing Businesses in the United Arab Emirates in 2023
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In recent years, cybersecurity threats has grown in significance for businesses worldwide. The estimated cost of cybercrime is projected to escalate to $8 trillion in 2023, anticipated to rise to $10.5 trillion by 2025, according to Cybersecurity Ventures’ 2022 Official Cybercrime Report.
Cybercriminals continually innovate, seeking new methods to infiltrate systems and compromise data. To stay ahead, businesses must stay informed about the latest cybersecurity trends and strategies to safeguard against these evolving threats.
Here, we examine some emerging cybersecurity threats currently impacting businesses in the United Arab Emirates:
Ransomware attacks have surged and show no signs of abating. In such attacks, hackers gain access to a company’s systems, encrypting data and demanding payment for decryption. These attacks can be crippling, causing substantial downtime and revenue loss.
Ransomware attacks have increased by 150% in the past two years in the UAE. (Source: UAE Cyber Security Centre)
The average cost of a ransomware attack for UAE businesses is estimated at $1.25 million. (Source: Sophos)
In 2020, the UAE Cyber Security Centre recorded over 2,200 reports of ransomware incidents, marking a 15% increase from the previous year. (Source: UAE Cyber Security Centre)
The Internet of Things (IoT) devices, while offering numerous benefits, pose significant cybersecurity risks. Hackers exploit vulnerabilities in these devices to access networks, steal data, or launch attacks.
Projections estimate over 75 billion IoT devices in use worldwide by 2025. (Source: Statista)
In 2020, 90% of UAE businesses reported at least one IoT-related security incident. (Source: Accenture)
The average cost of an IoT-related security incident for UAE businesses is estimated at $4.3 million. (Source: Accenture)
CLOUD SECURITY RISKS
Cloud-based services, while advantageous, introduce new cybersecurity risks. Businesses are accountable for securing their data and applications in the cloud, which if neglected, could lead to data breaches and security incidents.
In 2020, 80% of UAE businesses reported using cloud-based services. (Source: UAE Ministry of Economy)
The global cloud security market is expected to reach $12.7 billion by 2025. (Source: Markets and Markets)
In 2020, 64% of UAE businesses reported at least one cloud-related security incident. (Source: Accenture)
INSIDER CYBERSECURITY THREATS
Insider threats, stemming from employees’ inadvertent or deliberate actions, present a growing concern. Robust policies and monitoring procedures are essential to mitigate such risks.
In 2020, 60% of UAE businesses reported experiencing at least one insider-related security incident. (Source: Accenture)
The average cost of an insider-related security incident for UAE businesses is estimated at $3.6 million. (Source: Accenture)
In 2020, 70% of UAE businesses admitted lacking implemented policies to counter insider threats. (Source: UAE Cyber Security Centre)
The statistics highlight the escalating cybersecurity threats facing businesses in the United Arab Emirates. Given the continuous advancement in technology, these threats will evolve and become more sophisticated. It’s imperative for UAE businesses to remain vigilant, prepared for emerging threats, and to implement robust cybersecurity measures, potentially through Managed IT support providers like Mignet Technologies, while staying updated with the latest threats and trends. This proactive approach can significantly reduce the risk of falling victim to cyber-attacks. Get a 30-minute free consultation by Contacting us through phone or by email: [email protected].
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