Cybercrime costs Irish Business up to €630m annually

Preventing cybercrime is costing Irish businesses up to €630 million annually, a new report by advisory firm Grant Thornton suggests.

Data breaches and the penetrable nature of the modern technology-led business have been highlighted in recent years. The report’s findings suggest there has been little, if any, change, with notifications of security breaches rising 36% as of 2012.

The report also indicates that cybersecurity incidents are mostly under-reported to the Data Protection Commissioner because these companies fear damaging their reputation if they disclose failure on their part.

It might be surprising to find however, that the majority of points of origins for identity fraud, online scams, cybertheft and cyberextortion originate from outside of the Ireland itself.

In the total sum of cybercrime cases reported, 55pc of originated from international organised crime gangs, typically operating in countries where regulation is poor.

Presenting the report’s findings, Grant Thornton’s Mike Harris said

“Irish businesses continue to leave themselves vulnerable to cyber-criminals, they should be focusing their planned cybersecurity investments on the ability to detect and react to data-security breaches.”

“In the current environment, it is not a question of if an Irish business will be subjected to an online attack but a question of when? The ability of the businesses to detect and react to the attack will be the key factor in limiting the impact. The loss of confidence in a company due to a cybersecurity incident can be devastating, particularly where customer information is lost or client funds compromised.”