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Middle East companies suffer larger security losses than global counterparts

Middle East companies suffer larger security losses than global counterparts

Companies in the Middle East have been hit hardest by the challenges presented by cybersecurity.

According to a study released by PwCthat surveyed 300 companies from 20 Middle Eastern countries about the state of cyber-security threats in the region, 56% of the companies lost more than AED1.85 million compared to 33% globally, and 13% lost at least three working days, compared to 9%.

“The rapid growth of business in the region has placed stress on technology infrastructure and put them front and centre of global cyberthreats and attacks,” said Mohan Raj, Regional Sales Manager, UAE, Bahrain and Oman, who was recently hired by LogRhythm.

Prior to joining LogRhythm, Mohan Raj ran the cybersecurity solutions business at one of the largest system integrators in the region, handling enterprise customers in government, banking, aviation, energy and utilities.

“Companies in this region have been investing heavily in security technology, especially over the past five years. However, as cyberattacks grow in frequency and sophistication, more vigilant security processes and governance have become essential to thwarting attacks,” said Raj.

“Digital security is not an IT department issue, it is a business issue that needs board level oversight and responsibility. The risk of suffering financial and reputational damage is very real. Small and large businesses need to make sure they are protected from cyberthreats.”