Privacy and data security ‘imperative for every financial organization’

Cyber attacks are increasing, with finance being the most targeted industry, particularly in the Middle East. Kingston Technology Europe is urging banks to enhance their security frameworks with next-generation devices. The company recommends password-protected, hardware-encrypted USB drives for optimal data protection. The Middle Eastern cybersecurity market is expected to reach about $30 billion by 2025. Cost implications for inadequate cybersecurity are high, with global firms averaging losses of approximately $5.97 million per data breach.