A survey from Irish IT service provider Auxilion has revealed that less than half (44%) of business leaders in Ireland think their organisation is adequately prepared to respond to a cyber breach.
The survey of 100 C-suite executives in larger companies or enterprises (more than 250 employees) across Ireland, carried out by Censuswide, also revealed that more than a third (36%) of businesses fell victim to a cyberattack in 2022 and 44% of business leaders think their company will fall victim to a cybersecurity breach this year.
Moreover, some 42% don’t believe they have enough skills within their organisation to guide it through a cyber-attack and a similar proportion (41%) don’t believe their cybersecurity budget is adequate to protect against all risks.
Furthermore, 34% of respondents don’t believe their leadership team or board is doing everything it can to safeguard the company’s digital assets and data. Despite these concerns, just 20% of business leaders expect to invest in cybersecurity solutions in 2023.
The research also revealed that only 36% of business leaders think their organisation upholds governance adequately and 43% have had to abandon a project due to poor governance. The average cost of failed IT projects during 2022 came in at €840,671.
However, a little over half (51%) undertake an annual self-assessment of performance relating to governance or compliance. To improve governance, 43% said outsourcing to a third party would improve their company’s governance, with 44% already using a managed services provider.
The top benefits of working with managed services providers were found to be 24/7 assistance (21%), increased project delivery (21%), cost savings (20%), plugging the skills gap (20%), and improved productivity (19%). Eighteen per cent said supporting compliance, while enhanced security was cited by 17% of respondents.
Commenting on these results, Philip Maguire, Auxilion CEO and founder, said: “The survey highlights the need for organisations to identify and implement IT strategies which directly support business goals and address concerns – some of which could prove, or are already proving, to be quite costly.
“Not only are companies facing the possibility of cyber breaches due to inadequate safeguards, but failed IT projects are also impacting the bottom line. That’s not to mention the worries business leaders have around plugging the skills gap and achieving company objectives.
Organisations really need to look at what digital solutions and services they can deploy today to overcome such obstacles and capitalise on potential opportunities. As well as rectifying the areas of poor governance and inadequate cybersecurity, these technologies can also boost efficiency, support productivity and drive growth.”