Palo Alto Networks Releases New UAE Ransomware Research at GITEX 2022

21

Over half of surveyed UAE organisations have paid a ransom in response to a ransomware attack, according to new research from YouGov, commissioned by Palo Alto Networks.

Dubai, UAE: According to new research from YouGov, commissioned by Palo Alto Networks, 62% of organisations surveyed in the UAE who had fallen victim to a ransomware attack have paid a ransom in the past two years. In addition, 59% of respondents confirmed cyberattacks within their organisations in the past 12 months.

“Over the last two years, there has been a surge in ransomware attacks across industries worldwide. The attacks interfered with a number of everyday activities people take for granted: seeing a doctor, getting gas, buying groceries, paying bills, booking travel, and even calling for emergency assistance. As the number of attacks has grown, so has the average ransom demand, which averaged $2.2 million in 2021 globally, representing a 144% increase from the year before.” said Ercan Aydin, Regional Vice President at Palo Alto Networks, Middle East and Africa (MEA).

According to the research, lack of employee awareness is the number one reason for cyberattacks for UAE organisations (55%), followed by remote and hybrid work models (47%).

“The need to secure the new ‘anywhere’ workforce has become a priority – from virtual hot desks to meetings in the metaverse. As ransomware actors become more sophisticated, and the number of attacks continue to rise, a Zero Trust approach to cybersecurity is critical in order to stay ahead of threats.” Aydin adds.

While 70% of the respondents have an incident management plan in place, only 51% are confident that their plan is effective. The research also highlights sizable ransomware payments, with 30% of surveyed UAE organisations having paid more than USD $100,000 (AED 367,310) for ransomware, followed by 27% who have paid over USD $250,000 (AED 918,275).

In an effort to defend against these sophisticated and evasive attacks, 38% of UAE organisations surveyed have invested more than USD $100,000 (AED 367,310) into ransomware in the past 12 months.

Palo Alto Networks, in collaboration with YouGov, has surveyed 113 respondents working in the IT industry in the Middle East, including UAE and Saudi Arabia.

Palo Alto Networks is showcasing its leading cybersecurity technology at GITEX Global 2022, with live demos of its best-in-class cybersecurity platforms representing three main security pillars plus services: Strata (The Networks Security with NGFW and SASE), Cortex (Endpoint security and SoC Automation, Unit 42 Incident Response), Prisma Cloud (Cloud Security) and Professional Services.

About Palo Alto Networks

Palo Alto Networks is the world’s cybersecurity leader. We innovate to outpace cyberthreats, so organizations can embrace technology with confidence. We provide next-gen cybersecurity to thousands of customers globally, across all sectors. Our best-in-class cybersecurity platforms and services are backed by industry-leading threat intelligence and strengthened by state-of-the-art automation. Whether deploying our products to enable the Zero Trust Enterprise, responding to a security incident, or partnering to deliver better security outcomes through a world-class partner ecosystem, we’re committed to helping ensure each day is safer than the one before. It’s what makes us the cybersecurity partner of choice.

At Palo Alto Networks, we’re committed to bringing together the very best people in service of our mission, so we’re also proud to be the cybersecurity workplace of choice, recognized among Newsweek’s Most Loved Workplaces (2021), Comparably Best Companies for Diversity (2021) and HRC Best Places for LGBTQ Equality (2022). For more information, visit www.paloaltonetworks.com.

Palo Alto Networks and the Palo Alto Networks logo are registered trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.