More than 90% of firms suffer cyber attacks but only a fifth tackle issue

Over 90% of companies are exposed to cyber attacks, new findings show, with just 20% actively addressing the risk.

A survey conducted by the Irish arm of global risk management firm, Aon Risk Solutions — coinciding with a conference it held in Dublin yesterday — shows that cyber security risks are significantly increasing for Irish companies, with 92% of firms exposed to cyber attacks and just 22% of them doing anything to mitigate said risk.

“The digital inter-connectivity of business operations, suppliers and customers in today’s world has resulted in organisations being increasingly exposed to cyber-attacks,” Aon’s head of cyber risk for the European, Middle East, and Asia region, Sarah Stephens said.

The company’s latest information reveals that more than 20% of Irish companies have been subjected to data breaches inside the past 12 months. It added that 72% of companies, here, are exposed to cyber risk through their use of third parties and two-thirds of firms routinely allow employees to access confidential company files via their own technology devices.

“As the technology sector evolves and companies become more reliant on cloud computing, big data and social media, the cyber risk threat continues to grow,” said Ms Stephens.

“While technical innovation is a great thing, that can benefit everyone, it can also be damaging if a company’s policies and procedures do not change to keep pace with the potential exposure that the use of new technology can bring to a company or an individual,” she added.

Ms Stephens said that the issue of cyber security needs to be addressed at boardroom level; warning that firms aren’t investing in the right kind of employee training.

“The diversity of threats is increasing — from the loss of control of data, through the use of outsourcing, to the growing proficiency of hackers and malicious individuals, to the constant risk of human error in an organisation, a hit can come from one of many different places. One area where we consistently find a weakness is that companies are allowing individuals to send sensitive data to their personal devices.”

Aon is also urging Irish firms to start readying themselves for the 2017 EU Data Protection Directive, which will extend the scope of data protection law to all firms processing EU residents data