Make No Mistake: Irish Businesses are Under Attack

A recent report from insurance experts Hiscox highlights the stark truth about cyber-attacks on Irish businesses. In 12 months, 71 per cent of them suffered a cyber-attack.

The previous year’s figure was 49 per cent – you can see how rapidly the threat is growing. Of all the countries studied, Ireland is being hit hardest.

Attacks take various forms. Companies' servers are often weak spots that hackers target. Some fall prey to phishing or payment diversion fraud. Sometimes hackers demand ransom payments, threatening the release of sensitive data. Even if the victims pay up, there’s no guarantee the criminals will keep their side of the bargain. One-third of those attacked in this way didn’t get their data fully restored. A similar proportion were simply asked to hand over more money.  

If you’re hoping we might relieve this frightening scenario with a bit of good news, we do have some:

• Individual attacks have a relatively low cost – so far. But before you get complacent, the median cost was almost €9,000, and the biggest attack cost over €118,000.
• Fewer attacks are the result of unpatched servers – awareness of the importance of vigilance is growing.
• Businesses in Ireland are more likely to have cyber insurance than those in other countries. 69 per cent have cover and the majority have a dedicated cyber insurance policy.

BUT …

The report also highlighted the following:

• Almost one-third of Irish businesses said their rapid growth was ‘outpacing cyber risk management controls.’
• IT spending is growing significantly – the median figure has almost doubled, BUT spending on cyber protection has increased by just one per cent.

The battle rages on

Make no mistake, Irish businesses are being attacked. While many recognise it, not enough is being done to prevent it. Insurance is a key measure, but enhanced awareness and robust defences must also be deployed if we are to defeat this menace.

You can read the full Hiscox report here   

See our tips on how to avoid cyber attacks