Cybersecurity Budgeting A recent report has unveiled that one in five companies in the UAE acknowledges a shortfall in budgetary allocation for effective cybersecurity measures. The study conducted by Kaspersky further highlights that 15% of UAE businesses experienced cyber incidents in the past two years due to inadequate investments in cybersecurity.
Key Findings by Industry
- Critical infrastructure, oil and gas, and energy organizations in the Middle East, Turkey, and Africa (META) region reported the highest number of cyber incidents (60%) attributed to insufficient budget allocation.
- The telecommunications sector faced 25% of cyber incidents due to budget constraints, while transport and logistics endured 17%, and financial services experienced 14% incidents across the region.
Insights into Budgetary Preparedness: Cybersecurity Budgeting
- When asked about their cybersecurity budget, 76% of respondents in the UAE claimed to be equipped to handle or stay ahead of emerging threats.
- However, 20% of companies admitted struggling, with 18% reporting insufficient funds to adequately protect their infrastructure, and 2% lacking a dedicated budget for cybersecurity.
Future Investments and Recommendations: Cybersecurity Budgeting
- Companies express a commitment to enhancing cybersecurity in the next 1-1.5 years, with popular areas of investment including threat detection software (33%) and cybersecurity training programs (47%).
- Other planned measures include the adoption of endpoint protection software (36%), hiring additional IT professionals (40%), and embracing SaaS cloud solutions (38%).
Expert Insights and Recommendations: Cybersecurity Budgeting
Ivan Vassunov, Vice President of Corporate Products at Kaspersky, emphasized the need for aligning cybersecurity investments with business strategy. He recommended implementing advanced anomaly control, using easily manageable solutions, and investing in comprehensive training for all staff members, from general employees to decision-makers. Vassunov highlighted Kaspersky’s commitment to addressing these challenges through modern approaches and technologies, including their investment in developing a SASE portfolio, XDR, and MDR with integrated AI, machine learning, automated detection and response, and customer-specific risk assessment.
In conclusion, the report underscores the importance of strategic and effective budget allocation for cybersecurity, urging organizations to prioritize these investments in alignment with their overall business goals.
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