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How much do cyberattacks cost Dubai?
DUBAI - A single cybersecurity incident can deal a big blow to businesses in Dubai and the rest of the world, a new research reveals.
A cyber attack can cost large businesses up to $861,000, according to Kaspersky Lab's latest report based on a 2016 Corporate IT Security Risks survey.
Meanwhile, small and medium businesses (SMB) end up paying $86,500.
Most alarmingly, the cost of recovery significantly increases depending on the time of discovery.
SMBs tend to pay 44 percent more to recover from an attack discovered a week or more after the initial breach, compared to attacks spotted within one day. Enterprises pay a 27 percent premium in the same circumstances.
In the report, Kaspersky Lab compared an organization's security budget to losses incurred from serious incidents.
To estimate the total cost of recovery, Kaspersky Lab and B2B International asked businesses to report their losses from the most serious security incident in different categories.
Although the most frequent cost is for additional staff wages, businesses reported significant spending due to lost business opportunities, improvement in IT security, employing external specialists and hiring new staff.
Enterprises spend $79,000 on training and $85,000 on requesting help from external experts.
"Based on our worldwide survey, the average IT Security budget is 'worth' just 2.5 cyberattacks once all direct and indirect losses are taking into account. With thousands of threats attacking corporate world every day, an efficient cybersecurity definitely pays off. Businesses understand the threat clearly; 59% of SMBs and 62% of enterprises say they will improve their security regardless of an ability to measure return," said Vladimir Zapolyansky, Head of SMB Marketing, Kaspersky Lab.
"The survey proves that reaction time post-breach has a direct impact on financial losses," Zapolyansky addedExpatMediaUAE"]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