Cyber security losses much higher in the Middle East

LogRhythm has appointed Mohan Raj as Regional Sales Manager for UAE, Bahrain and Oman to increase the company’s focus on cyber security. Raj will be responsible raising awareness on the growing number of cyber security threats in the region and address challenges therein. This move comes as researches confirm how companies in the Middle East suffer larger losses as compared to their global counterparts.

“The rapid growth of business in the region has placed stress on technology infrastructure and put them front and center of global cyberthreats and attacks,” said Mohan Raj, Regional Sales Manager – UAE, Bahrain and Oman, who was recently hired by LogRhythm.

A study released by PwC on the state of cyber-security threats in the region, reveals that of the surveyed 300 companies from 20 Middle Eastern countries, 56% lost more than AED1.85 million compared to 33% globally, and 13% lost at least three working days, compared to 9%.

“Companies in this region have been investing heavily in security technology, especially over the past five years. However, as cyber-attacks grow in frequency and sophistication, more vigilant security processes and governance have become essential to thwarting attacks,” he continued.

Digital security is not an IT department issue, it is a business issue that needs board level oversight and responsibility. “The risk of suffering financial and reputational damage is very real. Small and large businesses need to make sure they are protected from cyberthreats.”

Prior to joining LogRhythm, Mohan Raj ran the Cyber Security Solutions business at one of the largest system integrators in the region, handling enterprise customers in government, banking, aviation, energy and utilities.