Average cost of a data breach to Irish business is over €130,000

Today saw the release of Deloitte and EMC’s annual Information Security and Cybercrime Survey and the figures are sure to make Irish business owners pay attention.

  • 40% of Irish Business have had one data breach in the last 12 months.

  • 8% of Irish Business have had 5 data breaches in the last 12 months.

  • 2.8% of Irish Business have had 20 or more data breaches in the last 12 months.

  • 25%+ Were unsure how many breaches their company had suffered over the year

  • 28% of companies were unaware of the level of attack on their business.

  • Average cost of data breach is over €130,000 which has more than tripled since last year’s results.

These figures point to an Irish business landscape that is poorly prepared and extremely under educated when it comes to data security and hacking. Enterprise risk services partner with Deloitte, Colm McDonnell, said that it is increasingly a priority for firms to stop cyber crime.

“A third of respondents indicated that their organisation has identified preventing cyber crime as a priority, yet just the same number of respondents believe that information security efforts are well aligned with the organisation’s overall risk strategy.  This suggests that there may be a disconnect between cyber crime prevention efforts and its wider impact on the business. The results show that cyber crime attacks are becoming more common and indeed more costly.”

Despite the mounting costs of data breaches and hacking incidents, only a third of companies surveyed indicated that preventing intrusions and preventing digital crime was a priority.

Another startling aspect of the survey was 45% of respondents saying compliance was the the main driver behind investment in digital security technologies.

ISO 27001 is the international best practise standard designed to keep information secure and has worked to prevent data breaches world wide for many of the biggest and smallest companies.

If you are interested in protecting your business’s data or need a data security certification to aid with compliance then contact us today.

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