Cybercrime is one of the most increasingly pervasive criminal enterprises in the world. From ransomware attacks to email phishing scams, it’s an industry that makes billions in stealing highly valuable data and assets to exploit the vulnerable.
Cybercrime is a billion-euro industry– what is the cost to your business?
“Irish Cybercrime exceeded €10 Billion in 2022” (Grant Thornton)
Not only are the potential losses catastrophic, but paying for cybersecurity has become a necessary measure.
And businesses in Ireland are no exception. Irish organisations are uniquely vulnerable due to the sheer number of cyber-attacks that strike regularly. According to Hiscox, 71% of Irish firms have been targeted by attacks in the last year: an astonishing amount considering the size of our country.
“71% of Irish firms were targeted last year” (Hiscox)
Irish firms are also targeted at a rate that is three times higher than that of other nations. Cybercrime therefore strikes at Irish businesses at a much higher rate than other parts of the world.
And with the spending on cybersecurity rising by 39% over the last three years, the growing need to implement security measures is driving up the cost of doing business in Ireland. The need for protective measures that are up to the task is an undeniable necessity, but the cost of such measures has to be taken into account.
“Spending on cybersecurity rose by 39% over the last three years” (Hiscox)
When comparing the costs of cybersecurity, you must weigh the potential risk and damage you leave yourself open to, against the day-to-day upkeep of quality cybersecurity. Protecting your business is always worth the price, but you also need to know what you’re paying for.
Increasing your budget for cybersecurity means several things for your business:
- It expands your IT and management departments to be equipped and trained to protect your organisation;
- Applies security standards that make your organisation eligible for further protections such as cyber insurance;
- Ultimately it mitigates the severe risk of cybercrime that that will target you, which is no longer a matter of if, but when.
According to Hiscox, the average cost of a cyber-attack is €8,860, not to mention the reputation damage, clean-up costs and data loss or manipulation. Compare that with the cost of upping your cyber security budget to mitigate these risks.
Is investing in cybersecurity worth it for your business?
Get in touch with the Stryve team, to discuss with our Cybersecurity experts your needs for 2024.
If you would like to do some further reading, here are the reports that helped us write this article: