Cybercrime costs firms 2.7% of turnover

Irish companies are losing, on average, almost 3% of their turnover to cybercriminals annually, an international conference on IT security has heard.

The conference was held amid the Europe-wide fallout from the hacking attack on Co Clare-based firm Loyaltybuild, from which the personal and/or credit or debit card details of 1.6m customers were stolen.

Communications Minister Pat Rabbitte, who addressed the conference in Dublin, said he was not satisfied that all precautions had been taken against what has become the country’s largest ever data breach.