Fraud costs Irish firms average of €1.7m

Irish companies are being hit for millions of euro each year as they struggle to cope with increasingly common and costly criminal attacks from a growing range of sources.

Research shows an increasing number of Irish businesses falling victim to criminals with emerging and traditional threats proving equally difficult to counteract and in some cases resulting in multi-million euro losses.

The most common crime reported by Irish businesses is theft of company assets such as cash and supplies.

More than half of the offences reported by Irish firms in the past two years were related to theft of this sort.

The cost of fraud to businesses has also spiralled out of control since 2014 with companies being landed with an average bill of €1.7m, compared to just shy of €500,000 two years ago.

Garda Commissioner Nóirín O’Sullivan said the report, compiled by Ireland’s largest professional services firm, PwC, is cause for concern.

“The research highlights the need for vigilance on the part of companies and individuals in their commercial dealings,” Ms O’Sullivan said.

Companies are also being left to carry the can for attacks by cyber criminals which have become more prevalent recently.

Cybercrime ranks as the second most common reported crime by businesses in Ireland.

The number of attacks has almost doubled in the past two years with close to half of businesses affected by crime falling victim to such attacks.

The cost of these attacks can be even greater than other crimes with many resulting in bills of up to €4.5m.


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