Almost 90 per cent of Irish businesses have suffered some form of financial loss and commercial disruption as a result of a cyberattack in the past five years, new research has found.
The report, from insurance broker and risk management company Gallagher in Ireland, found 40 per cent had been the victim of at least one cyberattack in that period.
Some 26 per cent also reported the loss of intellectual property, while 23 per cent said they had experienced supply chain disruption and reputational damage, and 20 per cent had experienced ransom payment demands.
“Given what we can see from the widespread impact of cybercrime, it is unsurprising that almost every Irish business leader we asked [93 per cent] said they are concerned about the rise in cybercrime and the potential impact it could have on their company,” said Laura Vickers, director of Gallagher in Ireland.
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Among the top attacks seen in the corporate world, cyber extortion was the most common type of attack on Irish businesses at 37 per cent. Phishing attacks through malicious links or infected email attachment, was the second most common attack at 31 per cent, followed by “Man-in-the-Middle” attacks at 23 per cent.
Despite the increased risk of cyberattack, the majority of companies felt they could recover quickly. Only 39 per cent said they provided cybersecurity training for staff, while only 41 per cent said they regularly carried out scans for system vulnerabilities. Less than half had implemented multifactor authentication for remote workers.
“While it’s encouraging to see businesses investing in cyber insurance and risk management, security measures must go beyond just financial protection. Many businesses are still vulnerable due to gaps in employee training, system monitoring, and access controls,” Ms Vickers said.
“Equally concerning is the lack of awareness around reporting obligations. Failure to report an attack could lead to significant fines, compounding the financial losses from a breach. Businesses must take a proactive approach, not just in purchasing insurance, but in implementing robust cybersecurity practices and ensuring compliance with legal requirements.”
The survey spoke to 300 business decision makers across the UK and Ireland, 100 of whom are based in Ireland.
Large businesses were particularly vulnerable, the report found, with those with annual turnover of more than £10 million seeing a larger incidence of cyber attacks, at 57 per cent. That compared to 39 per cent of mid-sized companies and 9 per cent of smaller businesses.
