The Middle East ranks second in terms of cost of data breach globally

According to data from the IBM Security and Ponemon Institute, the cost of a data breach in the Middle East is $8.07 million USD in 2023, up 8.2% from $7.46 million in 2022. This is alarming, not only because the cost is well above the global average cost of $4.45 million, but also because of the sharp 8.2% year-on-year increase, which is much higher than the 2.3% global average increase. The US still lays claim to having the highest cost of data breaches, but the Middle East is not far behind. It's time to start investing more heavily into cybersecurity measures.