Call for Irish firms to invest more in cyber security

By: December 9, 2013

Cyber-crime is a global issue and one that is of increasing concern to Irish companies.

93% of companies worldwide will maintain or increase their investment in cyber-security, according to the annual Global Information Security Survey released by EY.

65% of Irish companies surveyed say they have experienced an increase in external security threats, while 24% say they will increase their online security budget over next 12 months.

“[Cyber-crime] is going to get worse before it gets better. It is no longer a question of if, but when, a company will be the target of cyber-attacks,” says Ivan O’Brien, director at EY Advisory Services.

According to the survey, Irish organisations are not making the same level of investment in cyber-security as their global peers with just 24% of Irish companies expected to increase their security budget by 5% or more over the next 12 months, compared to 49% globally.

“This presents a risk [for firms] and also for Ireland Inc. to be regarded as a safe place to do business,” says Hugh Callaghan, director, EY EMEIA Financial Services Advisory.

To download the 2013 report, visit www.ey.com/GISS.