Businesses battling cyber attacks

Businesses are losing hundreds of thousands of euro due to cybercrime, with the average cost of an attack estimated at €135,000.

Businesses battling cyber attacks

The survey focused on high turnover companies, with 65% of those surveyed having a turnover in excess of €250m.

The most common security breach was hacking, with 19% citing this as the main cause.

Other common methods of attack include denial of service/distributed denial of service (14%) and malware (12%).

Once the attack has been identified and stopped, there are also the repair costs to systems. The average remediation cost of a large security incident stood at just under €30,000.

The frequency with which security breaches are occurring is also causing alarm, with 40% of respondents stated that their organisation has experienced at least one breach, which they know of, in the past 12 months, 21% experienced between one and five breaches, while 7% had over 20 breaches.

Enterprise risk services partner with Deloitte, Colm McDonnell, said that it is increasingly a priority for firms to stop cyber crime.

“A third of respondents indicated that their organisation has identified preventing cyber crime as a priority, yet just the same number of respondents believe that information security efforts are well aligned with the organisation’s overall risk strategy.

“This suggests that there may be a disconnect between cyber crime prevention efforts and its wider impact on the business. The results show that cyber crime attacks are becoming more common and indeed more costly.”

EMC director Jason Ward said: “Irish businesses need to be better prepared and defend themselves from attack through intelligence-driven information security, collecting reliable cyber security data and researching prospective cyber adversaries to better understand risk and learn how to protect themselves.”

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