Half of Irish businesses plan to increase cyber security investment this year 

The total impact of cybercrime in Ireland last year would surpass €10bn.

Almost half of Irish businesses are planning to increase spending on cyber security this year, as a similar proportion say they have already introduced or upgraded their cybersecurity in the last 12 months.

Grant Thornton’s latest International Business Report (IBR) shows that cyber security remains a priority for many Irish businesses.

The global survey of 10,000 businesses conducted by the professional services firm found that in Ireland, 48% of business leaders plan on increasing spending on cyber controls throughout this year, and 52% said they have already introduced or upgraded new risk testing measures over the last 12 months.

Grant Thornton’s cost of cybercrime report in 2022 predicted that the total impact of cybercrime in Ireland last year would surpass €10bn.

The report highlighted that one in three small to medium businesses in Ireland fell victim to cybercrime between May 2021 and April 2022, and one in three were also reported to have paid out to cybercriminals, with €22,773 the average pay-out.

Grant Thornton’s latest IBR showed that amongst the 48% of Irish businesses who said they will not increase spending on cyber security controls in 2023, 19% said this was because they already had controls in place, 18% said they had other priority investment areas, and 11% said they did not have the resources to do so.

47% of Irish business leaders who said they had not increased investment in IT technology in the past 12 months, with 23% saying they had other priorities, 13% saying they were confident in their current controls, and 11% saying that they did plan to increase investment in the future.

Commenting on the publication of the latest IBR figures, Mike Harris, Partner in Forensics and Cyber at Grant Thornton Ireland said they reflect the increased cyber security challenges facing Irish businesses.

Mr Harris said it is “encouraging” to see around half of businesses planning to increase investment or having already done so, but that it is “worrying to see many businesses not planning further investment”.

“The risks associated with ransomware attacks are higher than ever, particularly when considering the geopolitical climate,” he said.

“Businesses across the board need to be aware of threats and disruption as well as costs associated with dealing with breaches. The recent attack on Munster Technological University reflects the urgent need for businesses to invest in this area, and that no industry is immune from threat,” he added.