Irish SMEs are trying to expense cyber attacks

Cyber attacks are so common today, Irish firms are trying to expense them.

Irish businesses are more vulnerable than their EU counterparts to cybercrime, to the point where ransom payments to cyber criminals are now so frequent that many are trying to ‘expense’ them. 

According to the European Commission’s 2015 Eurobarometer Report, Irish business owners are exposed to cybercrime to an excessive degree. 

Irish businesses are vulnerable 

Global cybercrime is estimated to cost around €350 billion each year, and results in up to 150,000 job losses in Europe alone; roughly 0.6% of the total unemployed population. 

However, the EC report shows that the Irish are particularly vulnerable to such threats, with 57% of Irish people admitting to opening emails from strangers, while 75% said they use the same password across different online services. 

cyberattcks ireland

The result is that those falling victim to cybercrime in Ireland is above the EU average. One of the topics discussed at the ICTTF seminar was a growing scam where CEOs of Irish tech companies get calls from criminals who claim to have inadvertently compromised the business’ network. Hiding in plain sight, the hackers will provide their contact numbers and LinkedIn details and offer to advise the tech companies on closing the security gaps in exchange for exorbitant fees.  

New regulations 

Irish SMEs may not get away with a lackadaisical attitude to web security for much longer, however. 

A new European cybersecurity policy to come into effect next month will compel organisations to match security with risk, and those who don’t could face fines of up to €10m. 

The second piece of legislation, dubbed General Data Protection Regulation, will also come into law and could fine companies up to €20m, or 2% of global turnover. 

READ: 10 simple steps to prevent a cyber attack.