Tuesday, August 16, 2022

Only 4% MENA businesses feel secure on cyber risk

According to the report, confidence in their organization’s core cyber risk management capabilities – including the ability to understand/assess cyber threats, mitigate/prevent cyber-attacks, and manage/respond to cyber-attacks – remains a major concern for the region’s business leaders. Over three quarters (76%) in the Middle East & Africa having no confidence in their own organization’s cyber resilience

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According to the report, confidence in their organization’s core cyber risk management capabilities – including the ability to understand/assess cyber threats, mitigate/prevent cyber-attacks, and manage/respond to cyber-attacks – remains a major concern for the region’s business leaders. Over three quarters (76%) in the Middle East & Africa having no confidence in their own organization’s cyber resilience

Only 4 per cent of business leaders in the Middle East & Africa are confident in their organisation’s ability to manage cyber risks, according to new research published by Marsh in partnership with Microsoft Corp.

The report, ‘The Middle East & Africa State of Cyber Resilience’, questioned over 660 regional and global cyber risk decision makers and analyses how cyber risk is viewed by various functions and executives in leading organizations, including cybersecurity and IT, risk management and insurance, finance, and executive leadership.

According to the report, confidence in their organization’s core cyber risk management capabilities – including the ability to understand/assess cyber threats, mitigate/prevent cyber-attacks, and manage/respond to cyber-attacks – remains a major concern for the region’s business leaders. Over three quarters (76%) in the Middle East & Africa having no confidence in their own organization’s cyber resilience.

Other findings suggest struggle by majority of the organisations for their cybersecurity.

  • The majority of organizations are still struggling to understand the risks posed by their vendors and digital supply chains as part of their cybersecurity strategies. 60% of respondents stated that they have not conducted a risk assessment of their vendors or supply chains.
  • A third (37%) of organizations admitted to not having any kind of cyber insurance in place even though it is a key element in managing cyber risk. –
  • More than half (54%) of the those organizations who had procured insurance acknowledged that doing so was accepted best practice within their business sector and had helped them adopt a more stringent and resilient approach to cyber risks.
  • Three quarters (75%) recognised that insurance was an important part of any cyber risk management strategy.

Christos Adamantiadis, CEO, Marsh Middle East and Africa, called the companies to be pro-active for cybersecurity.

“It’s not about if an organization will get attacked, it’s rather a matter of when, which makes it all the more surprising that organizations continue to take a siloed approach rather than looking at the risk from an enterprise-wide perspective,” he said.

Simon Bell, Cyber and Financial & Professional Lines Leader, Marsh MENA, called for greater cross-enterprise communication to deal with the situation, and said: “Cyber risks are pervasive across most organizations. Successfully countering cyber threats needs to be an enterprise-wide goal, aimed at building cyber resilience across the firm, rather than singular investments in incident prevention or cyber defense. Greater cross-enterprise communication can help the region’s businesses bridge the gaps that currently exist, boost confidence, and better inform overall strategic decision making around cyber threats.”

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