From left: Ollie Loomes, Alan Dillon and Susan Brady. Image: Fintan Clarke, Coalesce
The Hidden Cost of Cyber Risk report, found that often the challenges being faced by companies are as a result of everyday cyber disruption, rather than large scale isolated issues.
The eir business Hidden Cost of Cyber Risk report, which is supported by Microsoft and the Kemmy Business School of the University of Limerick, has found that on average cyber attacks are costing Irish small and medium-sized enterprises (SMEs) up to €3.4bn annually.
However, the greatest impact is not from large-scale, one-off breaches, but rather frequent, day-to-day cybersecurity-related disruptions, that are in turn, driving losses for many Irish companies.
Reportedly, SMEs lose more than 7.2m working days every year due to cyber incidents, with affected businesses experiencing multiple incidents annually. For individual firms, this equates to nearly three working weeks lost annually.
