In a recent study conducted by Cloudflare, it was found that 69 per cent of UAE business leaders anticipate experiencing a cybersecurity incident within the next 12 months. However, only 49 per cent of organisations feel adequately prepared to deal with such incidents. This research involved nearly 1,000 business and technology leaders across the Middle East, including 330 from the UAE, and highlighted the concerning trend of increasing cyberattacks in the region.
The study revealed that over half (52 per cent) of UAE organisations have already experienced at least one cybersecurity incident in the past year, with a significant number reporting multiple attacks. Large and medium-sized organisations were more susceptible to attacks compared to smaller ones, with the financial services, media & telecoms, and manufacturing sectors being the most targeted. Furthermore, 63 per cent of UAE organisations believe that the volume of cyberattacks will continue to rise in the next 12 months.
The most common types of cyberattacks faced by UAE businesses include web attacks, phishing, insider threats, and malware. The financial impact of these attacks can be substantial, with 68 per cent of respondents estimating losses of at least $1 million and 24 per cent reporting losses of $2 million or more. Additionally, the repercussions of cyberattacks extend beyond financial losses, as 40 per cent of organisations have had to put growth plans on hold and 37 per cent have laid off workers as a result of cyber incidents.
Looking ahead, 76 per cent of respondents expect an increase in IT budget allocation to cybersecurity in the next year, with a focus on securing networks. Despite the under-adoption of Secure Access Service Edge (SASE) models, there is optimism as 70 per cent of respondents are working with a single SASE vendor, simplifying deployment. However, there is still a lack of understanding among leaders regarding Zero Trust architecture, hindering its adoption in organizations.
Bashar Bashaireh, RVP Middle East and Türkiye at Cloudflare, emphasized the importance of preparation and adopting a comprehensive ‘Everywhere Security’ approach to combat increasing cyber threats. He suggested that organisations invest in consolidated solutions with an any-to-any cloud strategy and focus on implementing Zero Trust principles to enhance security measures. By taking proactive steps and building a strong security culture, businesses can better prepare for the evolving landscape of cybersecurity challenges in the UAE.
