Mastercard research highlights urgent need for UAE SMEs to stay ahead of evolving cyber threats. Globally, the research has found that 46% of the SMEs surveyed have witnessed at least one cyberattack since their inception. 47% of small businesses in the country have experienced a cyberattack. The study was conducted across five countries worldwide among more than 5,000 small and medium business owners, including over 1,000 in the UAE. Globally, hacking and malware rank jointly as the most common forms of attack suffered by small businesses at 32% each, with phishing a close second at 31%. Eighty percent of SMEs that have experienced an attack have had to spend time rebuilding trust with clients and partners after the event, and nearly one in five have had to file for bankruptcy (18%) or close their business (17%). Around 80% of the respondents find effective cybersecurity critical to their operations, and 62% agree that when it comes to their business’s budget, cybersecurity is a top priority. Meanwhile, four in five believe they need a solution that keeps their business safe without requiring them to be a cybersecurity expert. Dubai, UAE: Readiness to tackle cyber threats has never been more critical to building a secure and resilient digital future for small businesses, according to Mastercard’s latest research on cybersecurity risks facing SMEs. The UAE’s SME cybersecurity landscape notes that 47% of the SMEs surveyed in the UAE have witnessed a cyberattack. In line with global trends, malware is the most prevalent form of attack at 32%, closely followed by four others – digital skimming, hacking, phishing and ransomware at 31% each. The UAE is the only country participating in the research that has digital skimming among the top threats. Seventy-seven percent of the UAE SMEs that have experienced a cyberattack have had to invest time in rebuilding trust with customers and partners, while a quarter have had to file for bankruptcy, and 19% have had to close their business. Effective cybersecurity is critical for 78% of the UAE respondents, and 57% consider it a top priority when it comes to their business's budget. Mastercard’s commitment to supporting SME cybersecurity As part of its commitment to helping SMEs reap the benefits of the digital economy, Mastercard harnesses the power of productive partnerships and advanced technology to assist small businesses in securing every transaction. Mastercard Trust Center helps business owners, wherever they are on their cybersecurity journey, defend their critical assets and reputation through online access to trusted cybersecurity research, education, resources and tools. This February saw the launch of the Mastercard Business Builder program that offers debit and credit cards for creators and SMEs, powered by enterprise-grade security technology by the company’s cybersecurity partner Cyvatar. In addition, it opens access to a full suite to cyber tools and resources, including Mastercard’s newly introduced Small Business AI solution. The company’s Digital Doors program supports SMEs in setting up shop online, growing and managing their business, accepting digital payments and safeguarding their online presence. Through its new collaboration with VikingCloud, Mastercard brings risk-scoring and cybersecurity remediation capabilities to millions of small businesses worldwide. Meanwhile, the company extends complimentary ID theft protection to SME cardholders, providing monitoring, alerts and resolution services. Other innovative solutions include My Cyber Risk, powered by Mastercard RiskRecon, a vulnerability scanner that enables small businesses to pinpoint, prioritize and act on cybersecurity threats to their websites or apps. The company also works to make cybersecurity accessible and understandable for SMEs through its partnerships with the Global Cyber Alliance (GCA) and the Cyber Readiness Institute (CRI). Mastercard’s survey sends a clear message that in an era of constantly evolving cyber threats that have the potential to cause significant organizational damage and emotional strain, SMEs are feeling the pressure. Small businesses worldwide realize the urgent need to stay ahead of evolving cyber threats, and are actively seeking partners and solutions to bridge knowledge gaps and fortify their defenses. The company remains committed to fostering an inclusive digital future where SMEs can reach their full potential as key drivers of economic progress. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

Mastercard research highlights urgent need for UAE SMEs to stay ahead of evolving cyber threats

Mastercard's research highlights the critical need for small and medium-sized enterprises (SMEs) in the UAE to strengthen their cybersecurity measures, given the high incidence of cyberattacks. The study reveals that 47% of UAE SMEs have experienced a cyberattack, with malware being the most common form of attack. The research underscores the importance of effective cybersecurity to rebuild trust with clients and partners and emphasizes SMEs' need for non-expert-friendly solutions.