Category: Cybersecurity

Skills Shortage Threatens Cybersecurity of Companies

With increasing digitization, the threat of cyber attacks is also rising and so is the demand for IT security experts. According to the latest Risk & Cybersecurity Study by IT business Tata Consultancy Services (TCS), companies see the biggest challenge in cybersecurity not in the budget, but in the lack of professionals with relevant expertise. According to the study, half of European companies (49 percent) plan to hire professionals with cybersecurity skills in the future, with that figure rising to two-thirds (65 percent) in the US.

Skills shortage among top challenges for cybersecurity

Chief risk officers (CROs) and chief information security officers (CISOs) report in the survey that they have already had difficulty attracting (44 percent) and retaining (42 percent) talent with cyber risk and security skills in the past year.

The second biggest challenge according to the CROs and CISOs is a changing work environment with increased possibilities for remote work and the associated risks. For example, innumerable employees had to be given remote access to their employer’s systems and databases at short notice due to the pandemic and the resulting move to remote work. This opens up new points of attack for cybercriminals. Assessing security risks and quantifying their costs is the third biggest obstacle for the respondents.

Cybersecurity not a budget issue

Only tenth place in the ranking are budget constraints. The fact that the latter are affecting fewer and fewer companies is shown by the high level of willingness to invest: 52 percent of European companies and 62 percent of North American companies stated that they had increased their budgets for IT security since last year.

Commenting on the study’s findings, Gerard Grant, Director, Strategic Initiatives at TCS Ireland said “Keeping abreast of the most advanced tactics of cyber criminals is not a question of cost. Rather, the challenge lies in finding and retaining the right professionals with the required know-how.”

TCS employs over 1,100 people in Ireland across a range of high-skilled tech related roles. TCS operates a state-of-the-art Global Delivery Centre based in Letterkenny which includes an innovation lab and plans are now in place for building further business units, together with centres of excellence in cyber security and cloud services.

How companies ensure they have a recruiting edge

One measure alone can’t solve the skills shortage. “However, companies can help fill the skills gap by using external service providers for harder-to-staff work, such as 24/7 network monitoring, while growing talent internally by giving them exposure to not only the technical but the business aspects of cybersecurity,” says Gerard Grant. In addition, the study shows that the more frequently the board of directors engages in cybersecurity, the more successful the company is in finding and holding onto their top talent with cyber risk and security skills.

TCS’ study also finds that talent retention directly correlates with how a company stores its information. Cloud-positive organizations were found to have a slight advantage in retaining and recruiting talent with notoriously hard-to-find cyber skills, compared to those companies who think that on-premises or traditional data centre security is preferable to what is available via the cloud. In fact, embracing cloud platforms gives companies a five-point advantage in recruiting and retaining talent with cyber risk and security skills.

“As businesses look to keep up with rapidly evolving complexities in cybersecurity, the talent gap is widening,” said Bob Scalise, Managing Partner, Risk and Cyber Strategy, TCS. “Demonstrating a serious commitment to cybersecurity by sustained attention from senior leadership, funding, and process changes will be vital to recruiting and retaining top talent.”

The TCS Risk & Cybersecurity Study, published by the TCS Thought Leadership Institute, highlights the most pressing cybersecurity issues facing senior business leaders across Europe and North America. The study is based on the results of a survey of more than 600 CISOs and CROs, from companies with at least $1 billion in annual revenue, across banking & financial services, utilities, media & information services, and manufacturing. Topics include global risk, cybersecurity, resilience, and ecosystem/cloud security.  The survey took place in February and March 2022.

To view the full report and receive more information, visit on.tcs.com/risk-cybersecurity.

New Study Reveals, Cyber Threats Within Digital Ecosystems May Be an Enterprise Blind Spot

Tata Consultancy Services (TCS) has today announced findings from its TCS Risk & Cybersecurity Study, which reveals that cyber executives may not be sufficiently prioritizing threats from vulnerabilities within the value chain, beyond the immediate boundaries of their own organizations.

When asked to rank where companies will see the greatest number of cyberattacks between now and 2025, ecosystem partners came in last place (10th). At a time when enterprises are increasingly banking on digital ecosystems for their growth strategies, TCS’ survey shows that only 16% of chief risk officers (CROs) and chief information security officers (CISOs) ranked digital ecosystems as a concern when assessing expected cyber targets, and only 14% listed the risks from such ecosystems as the top priority arising out of board-level discussions.

“Companies across the globe are increasingly turning to digital ecosystems of partners, vendors, and even competitors to reimagine and grow their business. Ignoring the threats originating from these ecosystems represents a blind spot which needs to be addressed urgently,” said Santha Subramoni, Global Head, Cybersecurity, TCS. “One way of reducing the probability of an attack within digital supply chains is to implement a ‘zero trust’ policy—a framework based on the principle of ‘never trust, always verify,’ applied not only to humans but also machines.”

When mapping out priorities between now and 2025, CISOs rank governance, strategy, and talent acquisition highly. Ranking highest is the prioritization of the security posture of the company and defining the controls and standards. Ranked second is establishing a more robust cybersecurity strategy, followed by investing in security talent acquisition and development.

TCS’ study also finds that talent retention directly correlates with how a company stores its information. Cloud-positive organizations were found to have a slight advantage in retaining and recruiting talent with the notoriously hard-to-find cyber skills, compared to those companies who think that on-premises or traditional data center security is preferable to what is available via the cloud. In fact, embracing cloud platforms gives companies a five-point advantage in recruiting and retaining talent with cyber risk and security skills.

“As businesses look to keep up with rapidly evolving complexities in cybersecurity, the talent gap is widening,” said Bob Scalise, Managing Partner, Risk and Cyber Strategy, TCS. “Demonstrating a serious commitment to cybersecurity by sustained attention from senior leadership, funding, and process changes will be vital to recruiting and retaining top talent.” 

Among other findings, the study also highlights:

Some corporate boards may not be sufficiently focused on cyber risks.

One in six respondents reported that their corporate board of directors considers issues related to cyber risk and security only “occasionally, as necessary, or never.” Companies with higher-than-average revenue and profit growth are more likely to discuss cybersecurity at every board meeting.

Cloud platforms are considered more secure than on-premises and traditional data centers.

Sixty-two percent of companies are now as or more comfortable with the security provided by cloud platforms than that of on-premises and traditional data centers—suggesting that the common concern about the cloud in its early days is fading.

The TCS Risk & Cybersecurity Study, published by the TCS Thought Leadership Institute, highlights the most pressing cybersecurity issues facing senior business leaders across Europe and North America. The study is based on results of a survey of more than 600 CISOs and CROs, from companies with at least $1 billion in annual revenue, across banking & financial services, utilities, media & information services, and manufacturing. Topics include global risk, cybersecurity, resilience, and ecosystem/cloud security.  The survey took place in February and March 2022.

To view the full report and receive more information, visit on.tcs.com/risk-cybersecurity.

Leading Computer Security Experts In Irish First As World-Renowned Conference Heads To Dublin #FIRSTCON22

The Forum of Incident Response and Security Teams (FIRST) has chosen the island of Ireland for the first time as the destination for its 34th Annual Conference, entitled ‘Neart Le Chéile: Strength Together’ in the Convention Centre, Dublin, from June 26 to July 1, 2022.

Over 1,000 people from six continents will participate, as the not-for-profit aims to deliver worldwide coordination and cooperation among computer security and incident response teams.

From Tonga to Tanzania, Greece to Guatemala, Australia to America, the participants from nearly 80 countries are the leading lights in their field. From governments, academia, and businesses, all have a critical agenda as cyber security issues continue to rapidly increase worldwide, and global coordination is now vital to make the internet safe for everyone.

Google’s Maddie Stone delves into the unknown during the conference, focusing on 0-day exploits used in-the-wild. A security researcher on Google Project Zero, she will disclose crucial insights and learnings from previously detected 0-day attacks – which occur when a cyber attacker abuses a vulnerability that was totally unknown – to help delegates defend organisations and society in future incidents.

The five-day event will explore various themes with contributors from industry and academia, from notable organisations such as the World Economic Forum, National Police Agency from Japan, Amnesty International, the US Cybersecurity and Infrastructure Security Agency, and the European Union Agency for Cybersecurity.

Other notable discussions on the agenda include the preparation for the Tokyo 2020 Games, analysis of the SolarWinds supply chain compromise, and lessons learned from supporting national responses to COVID-19.

Brian Honan, CEO, BH Consulting and FIRST Annual Conference Programme Chair, commented: “Dublin, and Ireland, is a perfect setting to host leading experts in this area with the cyber security sector on a significant growth trajectory on the island. The recent State of Cyber Security Sector in Ireland 2022 report states that by 2030 the industry will be worth €2.5 bn GVA – an increase of €1.4 bn from 2021 – employing over 17,000 people.

“This conference is critical for the global community of incident responders and security teams. After two years of pandemic uncertainty, we can all come together in person once more to tackle cyber security issues in a united fashion to create a fix and ensure organisations can continue to operate with limited disruption. Our theme, ‘Neart Le Chéile: Strength Together’, is exactly how we, as experts, will beat the criminals and keep people safe from cyber security attacks going forward.”

Chris Gibson, CEO, FIRST added: “The conference program this year is both intuitive and timely, with our keynoters’ covering topics across the full spectrum of computer security – from the practical to the emotional.

“As a membership organisation, we work to ensure that our Annual Conference brings as much value as possible. Over the five days, our goal is to inspire and empower participants to take new thinking and tools back with them to their everyday roles as they continue to defend people across the globe against cyber-attacks.”

Cyber specialists must work together to tackle online crime, as many instances do not occur in isolation, or just in one geographical area. FIRST provides the unique platform for everyone to unite and work towards a safer cyber community for all.

At the FIRST Conference participants will share goals, ideas, and information on how to improve global computer security, with delegates learning the latest security strategies in incident management, increasing their knowledge and technical insight about security problems and solutions, and gaining insights into analysing network vulnerabilities.

Alongside numerous talks and panel discussions, the conference also features Lightning Talks, a Vendor Showcase and Exhibits, and networking opportunities. The full program can be accessed here https://www.first.org/conference/2022/program.

Featured sponsors of the 2022 event include: AWS, SentinelOne, Uptycs, ENISA, Torq, Palo Alto Networks, Tines, LinkedIn, Amazon, Ericsson, OTRS, Mandiant, Group-IB, Conceal, Joe Security, Fortinet, DomainTools, ThreatRay, Intezer, Recorded Future, Cybereason and Google.

Also in attendance are many exhibitors including Arctic Security, Bank of America, CTM360, Thinkst Canary, NRD Cyber Security, EclecticIQ, Intel 471, Semperis, VMRay, Quarkslab and Mitiga.

Complimentary media spaces are available at the conference, please contact us for further details and with any interview requests.

How does cybersecurity work?

Today’s generation lives on the internet, and the information that reaches securely to our computer without any misinterpretation has been made possible by cyber security. Through cyber security, programs systems, networks are protected from digital attacks which target sensitive information such as personal information. Extortion of money or disrupting business functioning is done through cyber attacks. 

Why is cybersecurity needed?

Living in a digital world, most of the transactions including, hotel room booking, ordering dinner, or booking a cab, is constantly performed using the internet. This generates data stored in a huge data center termed as cloud and can be accessed online. 

Due to the availability of various access points, constant traffic flow, public IP addresses, and tons of data to exploit, hackers stand an excellent chance to exploit the vulnerability and steal the data. To achieve this, they use different malware which can bypass virus scans and firewalls. For stopping these malicious digital attacks, cyber security is an essential requirement. 

Common types of cyber-attacks:

  1. General malware- It includes a variety of cyber threats like trojans and viruses. It is a code with malicious content that has the potential to destroy the data on the computer.
  2. Phishing- This is sent by email as a request for data from a trusted third party. Users are asked to click on a link sent in the email. It isn’t easy to recognize if the sender is from a legitimate or false source most of the time. This is similar to spam but is more harmful comparatively as it involves compromising confidential information.
  3. Password attack- A third party trying to gain access to the system by tracking a user’s password.
  4. DDOS- Distributed denial of service or DDOS refers to an attack whose focus is on stopping the network’s service. The high volume of data is sent on the network, resulting in overloading and finally preventing functioning.
  5. Man-in-the-middle- This refers to online information exchange. MIM attack is used to obtain information from the end-user as well as the entity. For example, in banking online, the man in the middle will communicate with you, impersonating a person from Bank and communicate with the bank, impersonating you, thus collecting information from both parties. 
  6. Drive-by downloads- Using malware, a program is downloaded to a user’s system. This program is used to steal the data.
  7. Mal-advertising- On clicking on an affected AD, a malicious code gets downloaded on the computer. 
  8. Rogue Software- This malware looks like legitimate security software required to keep the system safe but acts otherwise.

In profit-driven environments, enterprise security is one of the top pillars of business stability and trustworthiness, especially in industries that store users’ data or other sensitive information. Many organizations now rely on specialized cybersecurity service businesses to strengthen their defenses and monitor potential threats. In a holistic system, cyber security is one of the main components, along with physical security, leak prevention, and risk management.

Hence, the internet is not a safe place for individuals as well as large organizations. Big companies such as eBay, Adobe, and Evernote have undergone critical cyber-attacks despite having high-level security measures to protect their data. More prominent organizations are a victim of cyber-attack and are constantly targeted.

To safeguard our data, there should be a protocol to protect us from cyber-attacks. This is called cyber security. In a computing context, security comprises physical security and cyber security. Both are used by organizations to protect from unauthorized access to their data and critical systems. Information security in an organization is designed to maintain the confidentiality, availability, and integrity of data. This forms the subset of cyber security.  

How does cybersecurity work?

Cyber security works on protecting the data against the below three activities:

  1. Unauthorized modification
  2. Unauthorized deletion
  3. Unauthorized access

The three main principles that act as a security pillar for both small and big organizations are confidentiality, integrity, and data availability.

Confidentiality– Same as privacy. It is designed to safeguard information from reaching the wrong people. Access is restricted to users who are not supposed to view the data. It is common for data to be categorized depending on the type of damage that can occur if it gets in the hand of unintended people and stringent measures to be taken to safeguard the same. Training is given to employees to safeguard these documents. This includes training on security risks associated with the confidential document, risk factors, password-related threats, password-related best practices, and social engineering methods to educate the users on how to prevent confidential data.

Integrity– Integrity refers to maintaining the accuracy and trustworthiness of data in its complete life cycle. Data must not be changed during transit, and steps must be taken to ensure that it remains unaltered by unauthorized people, something PAM for cybersecurity can do.

File permissions, user access controls, and version controls are taken care of to prevent erroneous changes or accidental deletion of legitimate users. Using checksums or cryptographic checksums are steps to detect any changes in the data, and verification of integrity due to unforeseen events is set in place. We must also ensure that backup is available to restore the data to its original state.

Availability– Availability is ensured by regularly maintaining the hardware with periodic hardware checks and taking care of the operating system, which is free of any software-related issues. It is up to date with all the current features. Communication bandwidth should be adequate to prevent bottlenecks. Redundancy, backup availability, and failover cluster availability are essential to safeguard the system from serious hardware issues. Disaster recovery is essential during worst-case scenarios. Thus, safeguarding from data loss or interruption in the connection. A backup copy can be stored in a geographically isolated location, having fire and waterproofing. Firewalls and proxy servers will be used to help protect data from malicious attacks due to DDOS attacks or network intrusions. 

Steps to take to protect data when attacked by cyber:

  1. Identify– Identify the kind of attack our organization has been subjected to.
  2. Analyze and Evaluate– Analyse and evaluate the type and amount of data that has been compromised. 
  3. Treat– Work on resolving the issue by using the correct treatment so that the organization can come back to its original state with the least data loss or breach.

The above steps are taken by calculating the below three factors:

Vulnerability– It is a weakness or a known issue of an asset or data that an attacker can exploit. In terms of Cyber security, it is referred to as a hardware or a software defect that has been delayed in fixing and thus prone to getting damaged due to cyber-attack. For example, delay in renewing system license, delay in erasing user access who has left the organization. A regular vulnerability test is required to safeguard the systems and data. By this, weak points can be identified, and strategies are placed to fix them promptly. Organizations can also have a checklist with periodic follow-ups. Another option often discussed is privileged access management (PAM).

Threat– It is an event that can harm the data. Threats can be natural like floods or tornados, intentional like spyware, malware, and unintentional threats to employees, accessing wrong information by mistake. Threat assessment techniques are used to understand the severity of the threat. Though most threats are not in human control to suppress, it is essential to take appropriate steps to assess the threats regularly. Employees should be educated on cyber security to be prepared for any upcoming threats by providing cyber security training for employees. They should keep in touch with the current update on cyber security by subscribing to related blogs and podcasts. Regular threat assessment must be performed to protect the system and data. A penetration test can be conducted at periodic intervals. This involves creating a model of real-world threats, discovering vulnerabilities, and documenting the steps to resolve them.

Risk– Risk refers to the potential loss due to a threat caused by the vulnerability. Examples of risks include financial loss, loss of privacy, company reputation, legal implications, etc. Risk management is an essential part of cyber security. The risk assessment framework is designed and assessed at periodic frequencies, keeping in mind the important points to be addressed and prioritized during the data breaches. Stakeholders and business partners must be kept in mind during this process.

Final Thought:

Cybercrime is a global problem posing a threat to security, including banks, government, and private organizations. It is essential to understand and follow the steps mentioned above and also use advanced cyber security protocols to prevent individuals and organizations from huge data loss and renowned multinational companies from the negative headlines. To further understand cybersecurity and get certified in this profession, you can enroll in cyber security  program offered by platforms such as Great Learning.

The Growth of Irish eCommerce & Related Security Risks

In the last decade, brick-and-mortar stores have slowly started to decline in popularity. The truth is, many shoppers prefer the simplicity and convenience of online shopping. Additionally, the pandemic has only increased the popularity of eCommerce and sped up the decline of physical stores.

Since brick-and-mortar stores were on their way out, digital storefronts have started poaching stores’ clientele. However, eCommerce comes with its own set of issues, including cybersecurity.

According to a survey published by Irish telecommunications company Magnet Networks, 20% of respondents claimed to be unaware of significant cybersecurity issues within the industry. Moreover, the same report states that 43% of cyber attacks against Irish businesses can be attributed to unawareness. 

If you couple this with Hiscox Insurance’s findings that 41% of Irish firms studied experienced a cyberattack over a six-month period, it’s easy to see why cybersecurity is such a big concern in Ireland.

The sudden surge in Irish eCommerce demands these businesses to tighten up their cybersecurity systems. However, the first step should be understanding the most significant risks Irish online businesses may face. 

The Cyber Threats Facing Irish Businesses

1. Ransomware Attacks

In 2017 the WannaCry ransomware spread like a wildfire. By the end of the year, nearly 30,000 organizations were affected and many of them were organizations like hospitals, universities, businesses, and banks.

WannaCry caused millions of dollars of losses across the globe. And while many citizens and organizations were thankful the WannaCry scourge was put to an end later in the year, cybercriminals rejoiced because they saw an opening.

Ransomware locks the infected device and encrypts data stored on the device. Once the user turns the device on, they’re greeted with a “ransom note”. This “note” informs the user that if they want to see their data unencrypted they have to pay a certain sum of money, which is often in cryptocurrency.

However, paying the sum rarely gives the user access back. Despite that, people keep sensitive, valuable information on their devices, so it’s only natural they would want to pay. But what about the impact on businesses? Not only do many companies pay the ransom, but they also have to replace compromised devices. On top of that, businesses often have to pay a security firm that’ll make sure no confidential data was stolen or compromised. 

2. State-Sponsored Attacks

The introduction of the Internet gave countries the ability to communicate with each other more efficiently, as well as the ability to wage cyberwars and launch cyberattacks.

These attacks are commonly known as “state-sponsored attacks”. Countries launch state-sponsored attacks for a few reasons, including:

  • Hunting for information they can exploit,
  • Exploiting businesses and people,
  • Exploiting vulnerabilities found in government systems.

Ireland has a long history of state-sponsored attacks, as well as the whole EU. For instance, in 2017, Irish electricity provider EirGrid became a target of a state-sponsored attack.

State-sponsored attacks are unpredictable and can cause severe damage if we do not have proper precautionary measures in place. 

3. Phishing Scams

While some cyberattacks use complex software and have the backing of governments, others rely on social engineering and old-fashioned manipulation. One of the most commonly known social engineering attacks is phishing.

Phishing scams include manipulating the victim into giving out personal and financial information, which can be done in several ways, such as:

  • Promising a reward (a gift card, for example),
  • Creating a sense of urgency (fake Microsoft callers calling about a virus), and
  • Impersonating a family member or close friend.

 

Unfortunately, millions of people around the world fall for phishing scams each year. It’s easy to spot obvious phishing scams like the Nigerian prince scam, but nowadays cybercriminals know more sophisticated ways of manipulating users, and many phishing scams look and sound legitimate.

What Can Organisations and Irish Citizens Do?

While many cyber attacks can have a devastating effect on your business, there are some ways to prevent them from happening in the first place. However, a solid cybersecurity strategy requires time and effort. Thus, start learning and implementing new strategies to improve your chances against cybercriminals. 

1. Use a VPN

Cybercriminals lurk on every corner of the Internet, waiting for an easy target. Unfortunately, in many cases, you don’t have to do much to become a victim. However, some practices may increase your chances. For example, many users transmit unencrypted data, whether they’re on a public network or while running their business, which can be extremely dangerous.

These days, cybercriminals can intercept and read unencrypted data without much effort. To make sure your data isn’t exposed, consider using a VPN for security.

For instance, ExpressVPN’s app actively encrypts the data your device sends out, meaning that cybercriminals will have a much harder time cracking it. You can also apply a network-wide VPN for your home or business to protect all the devices on the network in one swing. 

2. Create Strong, Unique Passwords

Using the same password across multiple accounts will make your accounts more vulnerable to hacks. However, surveys show that most people still prefer using weak, easy-to-guess passwords.

One way to protect your accounts is by using a robust and unique password for each account. An even better option is using a password manager for your credentials.

3. Frequently Update Software

Software updates often contain various security fixes. Thus, to make sure your devices aren’t in danger, regularly check for available updates and update the software as frequently as possible.

Educate Yourself and Your Employees on Current Cybersecurity Risks

According to the aforementioned Magnet Networks survey, many Irish business owners lack awareness of current cybersecurity risks and dangers that could affect their businesses.

This lack of awareness means they often can’t identify the threat and are unprepared for an actual attack. This puts them at an immediate disadvantage, and it can severely endanger their business.

Thus, the first step should be educating your employees and yourself on the basic cybersecurity etiquette, the latest cybersecurity trends, and the dangers facing your businesses.

1. Subscribe to an Account Monitoring Service

When a data breach does happen, it’s essential to detect it as soon as possible. The longer the breach goes unnoticed, the more time the hacker has to tamper with the stolen data, and eventually sell it, or use it for nefarious purposes.

This is where account monitoring services can come in handy. Account monitoring services keep an eye on your accounts and inform you about potential security breaches or any other suspicious activity.

What’s more, you can choose between account monitoring services for individuals and businesses according to your needs.

2. Limit Access to Your Devices

There are no security software and cybersecurity education courses that can protect you if you leave your devices unsupervised. A skilled hacker needs only a few minutes to wreak havoc on an unattended device.

Thus, limiting access to your devices can significantly impact your overall security.

3. Set Roles for Each Employee

Letting your employees access all data at any time can result in security breaches. Fortunately, IT can set roles for everyone. This way, you can divide employees into groups and give them specific permissions based on their roles.

4. Secure Your Network

Without accessing the network, cybercriminals have fewer opportunities to harm your accounts. This is why it’s crucial to tighten up your network security.

For example, actions such as whitelisting trusted devices, setting a strong security key, and hiding your network can increase the overall security of your network.

Cyber attacks soar yet Pandemic tops Irish business fears

The frequency of cyber attacks in Ireland increased by 26% year-on-year – according to the latest Hiscox Cyber Readiness Report; with 49% of businesses saying they suffered a cyber attack in the past 12 months, compared to 39% in the prior year. Yet while 87% of businesses across the world see cyber as the number one threat to their financial health, Ireland stands alone, with the pandemic remaining the key business concern in contrast to other countries surveyed.

Globally, the seriousness of the cyber threat is not underestimated, with one in five (20%) of businesses across eight countries saying that a cyber attack almost rendered them insolvent – an increase of almost a quarter (24%) compared to the previous year. However, there is a huge gulf in perception between those who have actually suffered an attack and those who have not. More than half of cyber attack victims (55%) see cyber as an area of high risk; whereas amongst companies which have not yet suffered an attack, the figure is just 36%.

Now in its sixth year, the Hiscox Cyber Readiness Report – www.hiscoxgroup.com/cyber-readiness –  surveyed over 5,181 professionals responsible for their company’s cyber security strategy across eight countries: the US, UK, Belgium, France, Germany, Spain, the Netherlands and more than 200 from Ireland.

The report’s other key findings include:

  • More than three out of five respondents (62%) agree that their business was more vulnerable to an attack as a result of employees working from home. This rose to 69% in companies who employed more than 250 people.
  • Average cyber security spending per company is up 60% in the past year to €4.8 million; an increase of 250% since 2019.
  • Adoption of cyber insurance is highest in the financial services industry, where 74% of companies have cover, either through a standalone policy or as part of a wider insurance policy.
  • Irish businesses paid out ransoms more regularly than the rest, with 25% paying five times or more to recover data.
  • Irish companies reported some of the lowest average ransom costs in the study: €12,600 ransom payments and €9,900 recovery costs. The single largest ransom paid in Ireland in 2021 was €42,693.
  • The most common method of entry for Irish ransomware were unpatched servers (65%) – this was far more common in Ireland than in any other country.

Richard O’Dwyer, Managing Director at Hiscox Ireland, commented: “The threat of insolvency for many in Ireland is very real given the increasing costs of an attack – the median cost of an attack here has risen sharply, by nearly a third, to just over €15,300, and for some of the worst hit businesses costs topped €4.5million. Business owners will have spent years growing and investing in their business, but one cyber attack could reduce what they have built to financial rubble.

“Remote working is seen as a serious risk and this model of work is not going away any time soon. It has impacted the volume of cyber attacks as cyber criminals gain access via cloud servers, so it is vital that businesses take the necessary steps to protect themselves against the complexity and speed of cyber attacks. In particular, the success cyber criminals continue to have in breaching systems via the use of phishing emails means one of the most effective defences a business can have is continuing to raise staff awareness of the risks.”