The Loyaltybuild data breach was a timely reminder of the potential costs of cyber crime to the individual, to businesses and to Government bodies in terms of financial and reputational damage, Tánaiste Eamon Gilmore has said.

Two Irish banks have confirmed that there are indications of fraudulent activity on credit cards caught up in the Loyaltybuild breach, while Clerys, Centra, Stena Line and Pigsback have joined the list of companies hit by one of Ireland's biggest cyber attacks to date. Up to 376,000 customers, including more than 80,000 in Ireland, have had financial information stolen.

Addressing a conference on cyber security organised by the Institute of International and European Affairs in Dublin yesterday, Mr Gilmore said a number of other countries had already had to respond to similar threats and security incidents, including South Korea.

In March, the hard drives of 30,000 PCs in South Korea were wiped clean, marking the beginning of a co-ordinated cyber attack on six of the country’s banks.

“The lesson from both of these attacks is clear: individuals, businesses and Government must be constantly vigilant and ensure that our systems evolve to meet the ever-growing threat.”

Mr Gilmore said for a highly globalised country such as Ireland, responding to the global implications of cyber security was essential to protect the human rights of citizens and the pursuit of economic interests.

“Managing the risks arising from malicious use of cyberspace will allow us to continue to benefit from the vast opportunities in the digital economy, which currently accounts for almost 100,000 jobs in Ireland.”

However, he said Ireland needed help in fighting sophisticated cyber attacks such as the Loyaltybuild breach.

“We need more European and more international co-operation, as the issues we face are too great for one country or one company to tackle alone.”

He said there was a compelling case for the public and private sectors to work together in responding to these challenges. “Such co-operation in addressing cyber challenges is vital, and also needs the involvement of civil society.”

Mr Gilmore also criticised surveillance measures by certain countries, saying such activity put at risk efforts to keep cyberspace open and free.

“I believe strongly that states should not bug friendly states and I reject out of hand the notion that extra surveillance should take place, just because the technology permits it.”