Business

Friday 6 December 2019

Irish cybercrime risks exposed in business survey

Half of Irish organisations are badly prepared to prevent cybercrime.
Half of Irish organisations are badly prepared to prevent cybercrime.

Half of Irish organisations are badly prepared against the threat of cybercrime, according to a new global study by Ernst & Young. The survey says that Irish companies lack the skills and budget to combat rising cybercrime and that almost half think it unlikely that they would detect a sophisticated cyber attack.

While 82pc of Irish companies surveyed said security spending will rise over the next 12 months, half still cite budgetary restrictions as the main obstacle to cyber security measures. While two out of five Irish firms say cyber attacks and computer malware are threats, 71pc say their biggest problem is "careless or unaware employees".

The study, which was conducted among 1,825 organisations in 60 countries, found half of Irish organisations reporting that a lack of skilled resources is one of the main obstacles challenging their information security programme. It also found that only 6pc of Irish respondents have a threat intelligence team with dedicated analysts.

"Ireland continues to enjoy its international reputation as the Silicon Valley of Europe," said Hugh O'Callaghan, a local director at Ernst & Young. "However, the results of the survey indicate that while they have come a long way, Irish organisations need to further educate themselves on the realities of cybercrime in order for Ireland to maintain its competitive edge as a leader in technology and digital services.

"The purpose of threat intelligence is to understand the threats specific to your organisation and inform rapid decision-making. This includes understanding who and what is targeting you," he said.

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