The rise of cyber threats casts a black mark over businesses of all types in the thriving digital space of Dubai. As Kaspersky highlights, insiders, armed with confidential information take their stances as substantial danger. Furthermore, as emphasized by Jake Moore of ESET, unintentional risks, like malware introduction, multiply the prospect of the threat.

Businesses based in Dubai deal with an alarming rate of data breaches, that is, 66% with 77% of them lacking sufficient cyber-attack detection tools. With the banking, manufacturing, and healthcare sectors sharing a huge portion of its digital economy’s boom, the UAE has become a prime target for cybercriminals.

On this note, strong cyber security measures and practical strategies are indispensable to protect businesses from the growing cybercrimes.

The Rising Cyber Threat in UAE

A particularly challenging adversary in the digital landscape of Dubai is the emerging malicious insider activities. The shadow of cyber threats materializes larger than ever, as these insiders, according to Kaspersky, possess private knowledge of the infrastructure of the company along with network access, posturing a serious risk, and taking advantage of their insider status to create cyber incidents.

The threat here is twofold: the deliberate malice and also the accidental risks inherent in the employees’ actions. Jake Moore of ESET accentuates that these threats, whether introduced through malware or via inadvertent data leakage require essential training to mitigate.

Even with its status as the global business hub, the cyber security of Dubai remains relatively susceptible. Due to a lack of adequate tools to detect cyber-attacks, with the unavailability of enough cybersecurity talent, an overwhelming 66% of businesses have undergone data breaches. Adding to these challenges is the difficulty of safe remote access to corporate devices, an issue amplified by the increasing surge of cloud-based attacks.

Cybercriminals and hostile entities are attracted to the flourishing digital economy of the UAE, because of its very profitable targets, which include banking, manufacturing, retail, and healthcare sectors, as well as government, hospitality, and transportation industries.

Unfortunately, only an insufficient 15% of the organizations are acceptably equipped to combat these insider threats, setting a large number of establishments defenceless to the hazards of the cyber world. The urgent need for stronger cybersecurity measures in Dubai’s progressing landscape could be supported by the frequency of large-scale wiper attacks and other security intrusions.

Counting the Consequences on Businesses

It is simply not the financial losses that contain the consequences of cyber-attacks, but a whole range of adversities that businesses would have to face. From tarnishing a company’s reputation to losing crucial data or software, these attacks trigger legal liabilities while disrupting regular operations.

There is a recent growth of a stringent regulatory environment governing cybersecurity. When it comes to safeguarding sensitive information, the General Data Protection Regulation (GDPR) imposes significant penalties.

It is a perfect example of rigorous regulations regarding cybersecurity. The fines could amount to as much as 17.5 million Pounds or 4% of global turnover, whichever figure proves higher if an establishment fails to comply with the GDPR standards. These huge penalties pose a considerable risk to the economic stability of companies underlining the importance of sturdy cybersecurity.

Thus, beyond the rapid monetary losses, cyber-attacks spread out to multi-faceted concerns that demand preemptive strategies to lessen possible damages.

Insuring Cyber-Safety

In the aftermath of various cyber threats, such as hacks, data breaches, ransomware assaults, and malware invasions, cyber insurance policies play the foremost role in assisting businesses. Additionally, cyber insurance UAE provides offers practical assistance and other useful resources intended to assist businesses in combating risks while boosting their security.

From incident response provisions to extensive cyber risk calculations, these resources include a wide range of services. This could help businesses reinforce their defenses, therefore preserving their digital possessions and preparing their personnel for imminent cyber threats in the future.

Here, we could dive into an example of how the best cyber insurance UAE has to offer, could appear on behalf of a high-street retailer if they were hit with a ransomware attack, to have a better understanding:

While undergoing IT storage modifications, a high-street retailer, with over a hundred stores, encountered a significant cyber-attack. The attackers encrypted all the files, which included the cloud-stored data, demanding a substantial ransom for the decryption key.

Even though in-store trading was not too affected by the attack, the establishment met with widespread business disruptions in terms of stock replenishment and online order processing. The retailer decided to pay a ransom of 150,000 dollars, with the assistance of the extensive insurance package they had employed.

Key Considerations to Protect Your Business