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Enterprise Security Magazine | Monday, September 26, 2022
Most assaults in the Middle East involve social engineering, exploitation of email domains, and injection of malware. Cybersecurity must be a top priority for Middle Eastern organizations. They must implement tools and services that empower their personnel and increase their vigilance against cyber threats.
FREMONT, CA: The Middle East is a popular cyberattack target. It has increased the Middle East's demand for cybersecurity. According to ResearchAndMarkets.com's global estimate, the Middle East cybersecurity market will rise from $15.6 billion in 2020 to $29.9 billion in 2025, at a compound yearly growth rate (CAGR) of 13.80 percent.
Thirty-eight percent of firms, according to research, have embraced a mixed working technique (online and offline). These companies have integrated cloud-based and virtual technologies into their business operations.
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Data Breaches: According to a study executed by the Ponemon Institute in 2020, the average loss per Middle Eastern organization due to a data breach will be $6.53 million. This is much greater than the average incident loss of $3.86 million worldwide. Companies in Saudi Arabia and the United Arab Emirates have reported a 9.4 percent increase in the financial effect of data breaches over the past year.
For maximal financial advantage, threat actors in the Middle East target industries with the most sensitive customer data. The cost per record was greatest in the healthcare industry, followed by the finance and technological sectors.
Most data breaches are carried out by gaining and utilizing the credentials of a genuine user to perform fraud or theft. A survey found that 59 percent of data breaches resulted from malevolent actors, 24 percent resulted from system bugs, and 17 percent resulted from human error.
Phishing Attacks: In 2020, Egypt, the United Arab Emirates, Qatar, Saudi Arabia, Kuwait, Oman, and Bahrain recorded approximately 2.57 million phishing assaults, according to the Times of Oman. With COVID-19-related subject lines increasing the risk of fraudulent email opens, the second quarter of 2020 witnessed a surge of phishing assaults in the Middle East.
Executive impersonation is very prevalent in the Middle East via email and social media. Cybercriminals imitate a firm CEO to deceive lower-level employees into handing over confidential information or finances. Cybercriminals can impersonate social media accounts, websites, and mobile applications to mislead end consumers that the content is legitimate.
In October 2020, attackers obtained the login credentials of many Arabic-speaking Netflix members. The national news revealed that threat actors had developed a bogus website masquerading as a Netflix customer service page. The stolen credentials might have been sold or used to send fake emails to obtain payment card information to extort further payments or restore the accounts.
Ransomware: In the Middle East, ransomware is a type of targeted cyber assault that has become fairly pervasive. These attacks aim to extort their victims' sensitive information or substantial sums of money. The year 2020 began with two highly publicized hacking events in January.
Initially, the Twitter account of KUNA, the state-run news agency of Kuwait, was compromised, and a bogus message claiming that US forces planned to leave the Arifjan base within three days was issued. This post was utterly false, as the Arifjan facility is the largest US military installation in Kuwait and houses thousands of troops.
Then, the Oman Observer reported that the largest insurance business in Oman, Oman United Insurance Co SAOG, disclosed that its data center was targeted by a ransomware attack, resulting in a day's stoppage of operations. The organization also reported that the attackers accessed client data between December 2019 and January 2020. However, it did not disclose any repercussions or financial damages resulting from the incident.
The Middle East witnessed the birth and success of flourishing ransomware gangs such as Maze, Sodinokibi, Egregor, and Netwalker, according to a report published by ENISA. Targeted ransomware attacks are now one of Middle Eastern businesses' most serious cybersecurity issues.
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