Cyber crime 'a significant risk for business'

More than one third of Irish businesses believe cyber crime poses a significant risk to their operations.

More than one third (36%) of Irish businesses believe cyber crime poses a significant risk to their operations.

A new survey by PWC has found the cost of electronic fraud has now increased to €1.7m, up from just under €500,000 in 2014.

The frequency of the hacks has also doubled since 2012 according to the report.

PWC cyber crime leader Pat Moran said it posed significant problems for business.

"It's a very significant risk; 36% are saying it is the most significant risk that will face organisations into the future," he said.

"If you look at the number of devices - over three billion - that are now attached to the internet and the number of third parties that are processing information is (also) significant, so that statistic (of 36%) doesn’t surprise me."