Almost three quarters of Irish businesses have reported an increase in cyberattacks in the past year, according to new research.
The Hiscox Cyber Readiness Report shows that Irish companies have experienced an average of 58 cyberattacks over the last 12 months.
Almost half of businesses surveyed said they had suffered reputational damage due to the loss of sensitive information following a cyberattack.
Among companies impacted, 47% reported considerable challenges in attracting new customers, compared to 20% the previous year.
Over half of respondents said they had experienced financial losses due to payment diversion fraud. 52% reported total costs below €100,000, while 11% reported that the total financial cost ranged between €1m and €10m.
According to the survey, 61% of leaders anticipate that technologies like virtual reality and the Internet of Things (IoT) will elevate their cybersecurity risks.
“Organisations are experiencing an increased number of cyberattacks year-on-year with Irish businesses experiencing one cyberattack a week, on average,” said Lorraine Rowland, Senior Cyber Claims Specialist at Hiscox Ireland.
“Successful attacks are not only affecting businesses’ operational efficiency; the damage to brand reputation can have a substantial and long-term effect,” Ms Rowland said.
The report, now in its eighth year, surveyed over 200 companies in Ireland as part of a broader study involving 5,005 professionals across eight countries.
Article Source – Three quarters of businesses report increase in cyberattacks – survey – RTE
