cyber
TRENDS
• Businesses in the Business and Professional Services , Energy , Utilities and Natural Resources , Travel , Tourism and Hospitality , and Government industries are most prepared for cyberattacks whereas those in Media and Telecoms and Transport , Construction and Real Estate sectors are least prepared , given that they have experienced fewer incidents .
MET organisations need to watch out for these attack vectors
• According to the MET ’ s business and technology leaders , the top three most common types of cyberattack they face are web attacks ( 69 %), malware – defined as viruses , worms and Trojans – ( 62 %) and phishing ( 55 %). Other common threats are ransomware and spyware ( 38 %), business email compromise ( 36 %) and API attacks ( 32 %).
Cost of a breach is more than just financial
• The financial losses arising from incidents can rack up quickly . Among the 53 % of respondents whose organisations experienced a cybersecurity incident in the past year , 77 % estimated the financial impacts to be at least US $ 1 million , while one third ( 38 %) estimated the loss to be US $ 2 million or more .
• Financial loss is not the only impact organisations have suffered . Nearly four out of 10 ( 38 %) organisations have had to put growth plans on hold in the aftermath of an incident , and nearly four in 10 ( 37 %) have had to lay off staff as a result of the financial impact . Other organisations have been subjected to legal action or been forced to pay fines as a result of incidents .
Leadership teams are taking action
• 74 % of respondents expect the proportion of their IT budget dedicated to cybersecurity to rise over the next year . Just 9 % foresee a decrease , and 16 % foresee no change . This is a positive sign , as organisations need to prepare for the increased volume of incidents they predict in the year ahead .
• For most , protecting their networks remains the number one investment area , with nearly 22 % of the budget allocated to this pillar on average .
Organisations across the Middle East and Türkiye are managing an increasingly complex cybersecurity landscape .
A mixed picture of solution deployment
• Encryption is currently organisations ’ most deployed solution , with secure web gateways and Firewall-as-a-Service ( FWaaS ) not far behind .
• Regarding Secure access service edge ( SASE ), only 15 % have fully implemented this model while 32 % have progressed towards implementation . There is cause for optimism though as 70 % respondents are now working with a single SASE vendor , which may reduce complexity and help speed up deployment .
• Zero Trust network access is a long way behind , despite widespread recognition of its ability to protect hybrid or remote workers . Over half ( 57 %) say that Zero Trust adoption is still in its early stages . 38 % believe that a lack of understanding is the single biggest barrier to adoption .
“ Organisations across the Middle East and Türkiye are managing an increasingly complex cybersecurity landscape , all while ensuring operational efficiency , regulatory compliance and uninterrupted productivity . With incidents on the rise in both volume and frequency , this balancing act becomes even more challenging , leaving leaders with a sense of diminishing control over their organisations ’ technological and security frameworks ,” said Bashar Bashaireh , RVP Middle East and Türkiye at Cloudflare .
“ This significant challenge requires innovative solutions capable of integrating diverse technological components into a cohesive and agile framework . The age of siloed legacy infrastructures is giving way to a new model of ‘ any-to-any ’ cloud platforms , creating catalysts for innovation and growth . By concentrating on strategic integration , any-to-any cloud platforms empower leaders to securely transform technological challenges into competitive advantages . Adopting this approach will help shape a future where connectivity and innovation are at the heart of business success , opening the door to unlimited possibilities .”
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