Cyber security spending remains high on agenda for Irish companies

Almost half of Irish businesses are planning to increase spending on cyber security this year, as companies keep the issue at the top of the agenda.

The latest International Business Report from Grant Thornton also found that 52 per cent have introduced or upgraded new risk-testing measures over the last 12 months.

However, the report, which highlighted growing risks associated with cyber attacks, also found a significant number of businesses do not plan to invest. Some 11 per cent blamed resource constraints, and 18 per cent favoured investing in other areas of their businesses instead. Almost half said they have not increased in investment in IT or technology over past 12 months.

Almost a fifth of businesses believe they have adequate resources in place.

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“The latest IBR figures reflect the increased challenges facing Irish businesses with regards to cyber-security. It is encouraging to see that 48 per cent of the businesses surveyed intend on increasing investment over the next 12 months, and that 52 per cent have reported upgrading their controls and testing in the past year,” said Mike Harris, partner in forensics and cyber at Grant Thornton Ireland.

“However, it is also 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. 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.”

According to Grant Thornton’s cost of cybercrime report in 2022, one in three three small to medium businesses in Ireland fell victim to cybercrime between May 2021 and April 2022. A third paid the cybercriminals, with the average payout at €22,773. Cybercrime cost an estimated €9.6 billion.

The Grant Thornton Global Business Report surveyed 10,000 mid-market businesses globally across 28 economies, including Ireland, in the second half of 2022, with more than 60 Irish businesses taking part.