The Middle East has the highest proportion of businesses that have suffered losses from cyber incidents compared to other regions in the world, with 85% of respondents in the region hit last year compared to a global average of 79%, according to this year’s PwC Middle East’s Global State of Information Security survey.
Around 18% of respondents in the region experienced more than 5,000 attacks, compared to a global average of only 9% ranking the Middle East higher than any other region.
While companies in the Middle East are investing in security technology and protection such as cyber insurance, they are often not supported by the people, processes and governance required to provide real security creating a “false sense of security”, reported the Saudi Gazette citing Mr Mike Maddison, PwC Middle East Partner, Cyber Services Leader and Head of risk assurance services. He said that these challenges are only likely to increase in the region.
Mr Wael Fattouh, PwC Middle East Partner and a specialist in risk assurance services, said that many organisations in the Middle East approach cyber security solely as a technology problem and that is “simply not enough”.
“Security is an end-to-end issue and ignoring any part of the chain can compromise the effectiveness of the implemented measures,” he said. “Another common misconception is when organisations think that compliance with security standards is the same thing as being secure, which is not accurate.”
He added: “Early detection and effective handling of incidents requires a comprehensive and integrated security plan that takes into account all parts and stakeholders of an organisation. It would not be sufficient to have the correct tools, governance, and processes in place if the people in the organisation are not trained to deal with the incidents.
“Virtually, every type of cyber attack has been used against organisations in the Middle East and so businesses need to be informed of the latest threats and measures to counter them. This is where global knowledge sharing and threats information become critical.”