Cyber novices: One third of Irish firms are unprepared for online security breaches
Phishing emails are the main way in for online criminals who extorted sums of up to €40,000 from small Irish companies
39% of Irish companies suffered a cyber attack in the past 12 months, with 70% of those companies targeted more than once.
Mon, 19 Apr, 2021 - 07:12
Alan Healy
Ireland had the largest proportion of firms that are not as well prepared for a cyberattack, according to a new global study on security.
The proportion of businesses targeted by cybercriminals in the past year increased globally from 38% to 43%, according to the Hiscox Cyber Readiness Report 2021, with over a quarter of those targeted (28%) experiencing five attacks or more.
Cyber Attacks on the Rise for Businesses, Pushing Many to the Brink: Hiscox April 19, 2021
The proportion of businesses targeted by cyber criminals in the past year increased from 38% to 43%, with over a quarter of those targeted (28%) experiencing five attacks or more, according to the Hiscox Cyber Readiness Report 2021.
Those attacks are pushing many firms to the brink, with one in six businesses attacked (17%) saying the financial impact materially threatened the company’s future.
The Hiscox report says insurance take-up is still patchy. “Adoption of standalone cyber cover crept up from 26% of firms to 27% over the year.”
These are among the findings of a survey of 6,042 companies in the U.S., UK, Belgium, France, Germany, Spain, the Netherlands and Ireland. Now in its fifth year, the Hiscox Cyber Readiness Report 2021 surveyed a representative sample of organizations.
23-03-2020
The cyber insurance market is underdeveloped , lacking in standalone products that will be able to meet expected future demand, even as the exposure to silent cyber and losses from attacks continue to rise, according to S&P Global Ratings.
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Dec 29, 2020
Over the years, cyber attacks and data breaches became one of the biggest risks in the business sector, compromising sensitive data, and causing a massive financial hit to companies and organisations worldwide.
As data applications and technology in the business sector increase, organisations are becoming more vulnerable to these attacks and more aware of the need for insurance coverage for cyber risks.
According to data presented by Finaria.it, the global cyber insurance market is expected to grow by 21% year-over-year and reach a $9,5-billion value in 2021.
If a costly data breach occurs, the company may not have enough resources to resolve these issues and cover the losses. Cybersecurity insurance can provide support to businesses, so cyber attacks don`t cripple their business.