Irish organizations lose 2.7% of turnover from cyber-crime

The Deloitte Irish Information Security and Cybercrime Survey revealed 2.7% loss of turnover per year with the cost of one incident at around 135 000 Euros.

The survey indicates that 40% of Irish firms have had at least one security break within the past year, 21% have had up to five and 7% have experienced more than twenty. And the cost of damage control in the case of a breach is estimated at 30 000 Euros. But the most problematic statistic in survey results is lack of awareness, with 28% of companies admitting uncertainty about their exposure to cyber-crime. And in addition to this, only a third of companies said preventing digital crime a priority.

Security issues were listed in order of prevalence as hacking, denial of service and malware and the greatest concerns expressed by companies about cyber-crime were (in order): growing technological threats, employees and lack of funding. And the biggest motivating factor for investing in anti-fraud solutions, according to survey data, is compliance.

It seems that serious incidents are done from 58% last year to 40% this year even though, according to Deloitte’s Colm McDonnel: “It would be naive to think we’re ahead.” Payment Magnates would have to agree with McDonnel given the stories news that we encounter on a day to day basis documenting cyber-fraud on an incredibly innovative spectrum.

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