A new report from Hiscox has found that Ireland is one of the countries most affected by cyber attacks, with 71% of businesses suffering an attack in the past year. This is a 22% increase from the previous year, four times higher than the global average.
“Cyber must now be viewed as a standard business risk.”
Simon Sheahan, Hiscox, Ireland.
The most common point of entry for hackers was a corporate-owned server, while the most common outcome was a financial loss due to Payment Diversion Fraud.
However, despite the high number of attacks, the cost of cyber attacks in Ireland is relatively low. This is likely due to the fact that Irish businesses are more likely to have cyber insurance than businesses in other countries.
Simon Sheahan, Senior Cyber Claims Underwriter at Hiscox Ireland, said, “The fact that Ireland tops the list of cyber insurance ownership is a welcome one, but with the growing number of attacks on business increasing for the third year in a row, it illustrates how cyber must now be viewed as a standard business risk.
Ireland has the highest rate of cyber insurance ownership in the world, with 69% of businesses having a policy. This is up from 64% two years ago.
The report’s authors say that having cyber insurance is essential for businesses of all sizes, as it can help to protect them from the financial and reputational damage caused by a cyber attack.
Key Findings from the Cyber Readiness Report 2023: Ireland
- 71% of Irish businesses suffered a cyber attack in the past year.
- The median average number of attacks on Irish businesses was 20, the highest in all countries studied.
- The most common point of entry for hackers was a corporate-owned server.
- The most common outcome of a cyber attack was a financial loss due to Payment Diversion Fraud.
- Ireland has the highest rate of cyber insurance ownership in the world, with 69% of businesses having a policy.
Advice for Businesses
The report’s authors offer a number of pieces of advice for businesses to help them protect themselves from cyber attacks:
- Have a cyber security plan in place and test it regularly.
- Train your employees on cyber security best practices.
- Keep your software and systems up to date.
- Have a backup plan in place in case of a cyber attack.
- Consider purchasing cyber insurance.
Download the full report here.