A recent survey conducted by risk management and insurance company Gallagher has revealed that almost 40 percent of Irish businesses have fallen victim to cyber attacks. The survey, which included 300 businesses, highlighted the growing concern among Irish business leaders regarding the increasing prevalence of cyber crime.
Laura Vickers, director of Gallagher Ireland, expressed her concern over the rise in cyber crime, stating that nearly every Irish business leader surveyed (93 percent) shared the same apprehension about the potential impact these attacks could have on their companies. The consequences of such attacks were reported to include the loss of intellectual property, supply chain disruption, reputational damage, and demands for ransom payments.
The most common type of cyber attack seen in Ireland was cyber extortion, where criminals threaten businesses with harm or the theft of sensitive information unless a payment is made. Additionally, phishing attacks and “man in the middle” attacks, where criminals intercept and alter communications within a business without their knowledge, were also reported by the businesses surveyed.
The report stressed the importance of reporting cyber crimes to the National Cyber Security Centre (NCSC), as failure to do so could result in fines of up to €10 million. Vickers emphasized the need for businesses to take a proactive approach in implementing robust cybersecurity practices and ensuring compliance with legal requirements, in addition to investing in cyber insurance.
However, the survey also highlighted some concerning trends, such as only 39 percent of companies providing cybersecurity training to their staff and just 41 percent conducting regular safety system checks. Furthermore, less than half of the companies surveyed utilized multi-factor authentication systems for remote employees, leaving their systems vulnerable to unauthorized access.
Despite the increase in cyber crime, 90 percent of business leaders remained confident in their ability to recover from such attacks due to their insurance policies. Vickers acknowledged the importance of cyber insurance and risk management but emphasized that security measures should extend beyond financial protection.
Many businesses are still at risk due to gaps in employee training, system monitoring, and access controls, according to Vickers. As cyber threats continue to evolve rapidly, companies that do not strengthen their security posture risk facing serious financial and reputational damage.
In conclusion, the survey conducted by Gallagher sheds light on the growing threat of cyber crime to Irish businesses and the urgent need for proactive cybersecurity measures to combat this escalating risk.