UAE Cyber Insurance Market Hits $70 Million as Regional Digital Threats Surge

The UAE cyber insurance market has reached a valuation of $70 million as businesses across the country increase spending to mitigate the financial impact of regional digital threats. The growth follows a surge in sophisticated ransomware attacks and phishing campaigns targeting critical infrastructure and financial services sectors. Rising Breach Costs Drive Demand Corporate demand for cyber coverage is no longer limited to large-scale enterprises. Small and medium-sized enterprises (SMEs) now account for a growing portion of the market, prompted by the rising average cost of data breaches in the Middle East. Recent industry data indicates that the average cost of a data breach in the region exceeds $8 million, among the highest globally, trailing only the United States. Insurance providers in the UAE report that policies are increasingly covering a broader range of liabilities, including business interruption, forensic investigations, and legal fees associated with regulatory compliance. The shift comes as the UAE government continues to implement robust data protection laws, requiring firms to maintain higher standards of digital security. Shift in Threat Landscape The…