Cyberattacks scare 70% of Irish firms into increasing IT budgets

The attack on the HSE is only the tip of the iceberg and Irish firms are finally taking action.

Twenty eight percent of Irish organisations experienced a cyberattack in the last year.

Of those that were attacked, almost a quarter (24%) are still recovering, while 27% took about a month to do so, a survey by Logicalis Ireland has revealed.

“As workforces and operations became remote, the threat landscape shifted and arguably expanded with more locations to cover, more devices to protect and more risks to combat”

The most common forms of attack were malware and phishing. This has led to an increase in IT budgets for 70% of organisations this year.

Cyber threats prove scarier than the pandemic

Bearded man in navy blazer.

Patrick Jordan, Logicalis Ireland and UK

The research – conducted by TechCentral and commissioned by Logicalis Ireland in association with IBM – involved more than 100 IT decision-makers in Ireland and found that during the pandemic, exposure to cyberthreats increased for more than three quarters of organisations (76%).

In terms of response, over half (57%) strongly agreed it was a waste of time to negotiate with hackers. A similar number (59%) strongly disagreed that IT departments should keep a bitcoin fund for dealing with ransomware attacks.

“It has been a time of unprecedented change for Irish businesses,” said Patrick Jordan, chief revenue officer at Logicalis UK and Ireland. “As workforces and operations became remote, the threat landscape shifted and arguably expanded with more locations to cover, more devices to protect and more risks to combat.

“This led to an intensification of the focus – and pressure – on technology solutions and IT support within organisations. This will only continue as we settle into the new way of hybrid working and invest in the tools to not only support but secure this. Businesses need to embrace this fully if they want to successfully architect change, safeguard operations, empower people and drive growth.”

As for the most popular measures for protecting data, multi-cloud solutions (66%) came out top. Single cloud solutions (31%) and off-premise physical backup (22%) finished off the top three measures.

“It’s not just about identifying risks and protecting systems, companies need to have the means to respond effectively and quickly in the case of an attack or breach,” said Nathan Cullen, ecosystem leader at IBM.

“They need to have the tools that enable prevention but also backup and recovery. Only then can they be cyber resilient and maintain business continuity. If the pandemic has taught us anything, it is to be prepared for the worst-case scenario and always be ready to adapt.”

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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