A recent survey commissioned by information security company, Ward Solutions, has found that one-fifth of Irish businesses were held to ransom by cybercriminals in the past 12 months. 

This survey was commissioned by Ward Solutions and carried out by TechPro in March 2017 among 170 senior IT professionals and decision-makers in Irish-based businesses, which were typically larger enterprises.

According to the survey, IT security threats are continuing to rise with 57% of organisations noting an increase in the number of security incidents in the past year. Of those who said that their business was held to ransom, 64% said that the amount demanded by cybercriminals was less than €1,000.

When it comes to paying ransoms, just 14% say that they would pay the ransom if the value of the data merited it. Almost 48% would not pay, regardless of the value of the data that was held to ransom.

The survey also indicates that Irish companies are becoming more aware of the importance of employee training as part of the overall solution, with almost two thirds (62%) saying that they audit their employees on their awareness of information security best practices.

Sixty five per cent of respondents stated that their cyber security spend will increase in the next 12 months, indicating that companies are responding to the increasing threat level by reinforcing their information security infrastructures.

CEO of Ward Solutions, Pat Larkin said, "It’s clear from the results of our latest survey that cyber-crime has continued to grow and evolve over the past 12 months, leaving Irish businesses more vulnerable to attack than ever before. Ransomware continues to present a real threat to companies, affecting one in five of those surveyed. It’s interesting to see that just 14% of organisations would pay the ransom, while almost half would not pay, regardless of the value of the affected data."

Source: www.businessworld.ie