Firms warned of EU cyber security fines

A large number of Irish firms will be liable for multi-million euro penalties if they fail to comply within 21 months with new EU-wide cyber security rules due to come into effect next month.

The EU has moved to update and improve the preparedness of businesses to deal with cyber attacks and prevent breaches, as global estimates put the cost of cyber crime at €350bn and set to rise to €1.89tn by 2019.

As part of its efforts to counter the growing threat to business, a new cybercrime policy, the Network Information Security (NIS) directive, will come into force in August.