Middle East accounts for world’s highest increase in data breach costs
Condo Protego urges organisations to invest in data protection strategies
With the increase in data breaches across the world, the UAE holds the world's highest increase in breaches as the average organisation risks up to $5m per breach.
Consultancy firm Condo Protego urges UAE organisations to ramp their data protection strategies, as data breaches in the region have risen by 20% from $4.12m in 2016 to $4.94m in 2017, according to a report by Ponemon Institute.
Savitha Bhaskar, COO, Condo Protego, said: "Data breaches can be catastrophic for Middle East organisations. Middle East organisations need holistic data protection strategies and solutions to prevent, contain, and remediate data breaches. Solutions from endpoint security to data backup and recovery can reduce costs, ensure business continuity, and enhance customer trust."
Despite the average cost of a data breach, the Middle East also has the highest spend on data breach response, roughly costing $1.43m per organisation.
"While the Middle East is spending more on data breach responses, the more important factor is appointing a chief information security officer. This board-level role can ensure that data protection strategies are deployed across lines of business, are easy for employees to understand and follow, and that the solutions match the business needs," added Bhaskar.