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Irish execs fear cyber attack

Friday, June 13 12:08:21

More than half of Irish executives believe their companies are at high risk of a cybercrime attack.

The finding emerged in the 13th Global Fraud Survey conducted by EY.

The level of cyber risk awareness in the survey is higher than the average global response of 49pc, but significantly below that of the UK where 74pc of respondents consider themselves to be at a high risk of attack.

Julie Fenton, Partner and Head of EYs Fraud Investigation and Dispute Services practice in Ireland said: "While there is the need for some education of around the risk of cybercrime, the conversation also needs to move onto how businesses respond to these dangers. Awareness is just the beginning and business leaders need to ensure robust incident response strategies are in place. When a data breach does occur, many companies fail to investigate how and why an attack has taken place, which can leave networks compromised and exposed as the full extent of the breach is never uncovered."

The findings show that 53pc of Irish respondents regarded hackers and hacktivists as the biggest threat to their organisation, suggesting a lack of knowledge about other sources of potential attack. Only 24pc of Irish respondents recognised the potential threat posed by employees and contractors, compared to the global average of 33pc and 36pc in the UK.

Speaking on the action Irish companies can take to mitigate risk, Fenton remarked: "Businesses need to do more than implement a whistleblower hotline to promote ethics within their organisations. Regulators are investing heavily to bolster their ability to mine big data from corporations for potential irregularities and the latest data visualisation tools can help to identify revenue recognition or procurement-related red flags earlier and more efficiently."