GCC firms need to adopt robust threat management strategies: report

Investing in robust threat mitigation strategies and resilience response can help GCC organizations reduce exposure to data security breaches, Booz Allen Hamilton said in a recent report.

“GCC governments have recognized this and, over the past decade, have begun to implement systems and programs to help navigate uncertainty and enhance preparedness and response capabilities. But, they need to take this a step further and make it part of the strategic corporate and national agenda,” Jay Townsend, principal, Booz Allen Hamilton, noted.

However, GCC organizations are already spending nearly $3.5 million per year on identifying and restraining data security breaches, far ahead of the global average of  $2.1million, it added.

Despite such enormous spends, GCC organizations take longer than their European counterparts to contain a breach, with the average reported time in the GCC standing at 260 days, compared to just 138 days in Europe. 

To reduce this gap, regional governments are equipping organizations with the necessary tools to build resilience across industries, the report said.

The report highlighted the UAE’s plans to manage emergencies, such as the National Emergency Plan for the telecom sector.  In Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA) has developed a business continuity management framework that must be adopted by member organizations. In addition, Bahrain, Oman, and Kuwait have issued organizational frameworks and guidelines specific to business continuity management or other aspects of resilience.

“GCC organizations are already on the right track to building resilience, but they need to be more aware of their future threats and current weaknesses, so that they can take informed strategic and tactical decisions that can be applied across the full spectrum of sectors and industries region-wide, in order to prepare for risks and respond effectively to internal and external events,” said Rosa Donno, senior associate, Booz Allen Hamilton.