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.

Irish firms face €240,000 annual cyber crime bill

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.

New research has found almost half of Irish organisations have experienced targeted spear phishing attacks whereby a member of an organisation has been targeted with fraudulent and personalised emails by skilled impersonators.

Employees’ tendency to access personal and work accounts from the same devices also poses a significant threat.

“An astounding volume of respondents blend access to work and personal social media accounts on the same personal device.

“This poses new risks and challenges for organisations and in our experience, it is paramount that the users’ identities, as well as the device in use, are both secure in order to protect the organisation,” Mr Larkin said.

Meanwhile, a separate report compiled by recruitment consultancy and IT outsourcing firm Harvey Nash found close to one in five Irish businesses fell victim to a major cyber security incident in the past 12 months.

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