Hackers are increasingly viewing companies in the Middle East and North Africa (MENA) as vulnerable to cyber-attacks due to their lack of preparedness. Therefore, there has been an exponential rise in the number of attacks in the region in the past year.
Marsh MENA CEO, Steve Lundin, spoke to Arabian Business about why large scale cyber attacks are a top concern for businesses.
“During 2017, there were a number of high-profile cyber-attacks that were very well documented…..cyber attacks are also growing in number, ferocity and frequency, and this had led to a heightened awareness of the risks associated with a cyber incident.”
CYBER RISK IS AN ENTERPRISE WIDE CONCERN
Cybersecurity is no longer just an IT issue. It is an enterprise risk issue that must be considered and addressed by many stakeholders throughout the organisation. Simply throwing money at the problem will not make it go away.
A cyber-attack or other event can cause severe disruption and damage across your organisation. Marsh’s approach to managing cyber risk is a multidimensional, comprehensive, and inclusive across the enterprise. Why? because everyone has a stake in managing your cyber exposures.
Find out more about how Marsh can help you to manage your cyber risk
CYBER BY NUMBERS
$445 billion: Estimated annual cost of cybercrime to the global economy.
$120 billion: Expected size of the global cybersecurity market in 2017.
$2 billion: Estimated size of the global cyber insurance market.
50% to 100%: Annual growth rate of the cyber insurance market.
COST OF CYBER
Average cost to the business in UAE / KSA of a data breach: USD 4.61m with lost business of USD 1.96m (sample of 25) (Ponemon 2016)
RESEARCH AND BRIEFINGS
With cyber risk being the number one concern for executives in the Middle East and North Africa, Marsh has developed a practical tool to analyse organisations’ exposure: the Cyber Risk Self-Assessment.
The MMC Cyber Risk Handbook 2018 provides insights on the shifting cyber threat environment, emerging global regulatory trends, and best practices in the journey to cyber resiliency.
RISK IN CONTEXT BLOGS
Reports of a cyber-attack that has affected a critical infrastructure facility have raised concerns regarding cyber risks and their possible impact.