Irish firms face €240,000 annual cyber crime bill

Companies’ failure to tackle cyber threats in a proactive and intelligent manner is contributing to an average annual bill of €240,000 to deal with the issue, an expert has warned.

The approach most companies take to preventing cybercrime is a “constant fire-fighting” exercise which is a drain on resources but adds no real value to the organisation. Tackling the issue should not involve throwing money and internal resources at it, according to information security provider Ward Solutions chief executive Pat Larkin.

“The €240,000 average yearly spend on cyber security highlights the growing threat of cybercrime and the huge financial impact it has on Irish organisations,” said Mr Larkin.