Call for cybersecurity funding boost as attacks on SMEs surge

Almost 70% of small businesses believe the Government should provide more funding to protect them against cybercrimes

As much as 95% of Irish SMEs in a survey said they fell victim to a cyberattack last year. 

Nearly all Irish SMEs experienced some level of cyberattack last year, according to a new survey.

The survey, by IT management company Typetec, found that 64% of SMEs in Ireland believe they are more vulnerable to attack than their international counterparts, yet only 60% have a strong understanding of cybersecurity threats.

More than 70% of SMEs said they increased spend on their cybersecurity budgets last year, with the average budget being just over €117,000.

The survey of more than 200 SME owners in Ireland found that 95% of them fell victim to some level of cyberattack during 2021, with the most common form of attacks being phishing, ransomware, and malware.

As companies’ cybersecurity budgets rise, so too does the call for Government intervention. Almost 70% of small businesses believe the Government should provide more funding to help protect SMEs against cybercrimes.

Cybersecurity budgets

The management of remote working was given as the main reason for the increase in cybersecurity budgets, along with a lack of visibility of devices being used for work purposes.

“Cybercriminals find small and medium-sized businesses attractive targets because they have valuable information, and they often lack the security infrastructure of larger companies,” said Trevor Coyle, Typetec’s chief technical officer.

Mr Coyle said the high level of cyberattacks on Irish SMEs last year shows how “vital” it is for businesses to adopt a “robust” cybersecurity strategy and defence.

“While 2021 saw a continued rise in cybercrime, most businesses are fully aware that attacks are likely to become even more targeted and sophisticated this year. Everything needs to be done to support smaller businesses in particular, who can often be more exposed due to lack of in-house expertise and resources,” he said.

On the call for more Government funding, Mr Coyle said: “It’s a valid argument as the Government fails to realise the risk posed by a supply chain attack to its agencies with SMBs forming a link in that chain. 

"Ultimately, it’s a battle that can be won if all stakeholders work together and put proactive measures in place to follow best practice advice and mitigate against these growing risks.”