An overwhelming majority of Irish businesses say they feel unprepared for a cyber attack, a survey by Microsoft and Vodafone Ireland has revealed.
60% say they think their business would be able to cope with a cyber attack, while nearly half, 43%, say their business has experienced one in the past three years.
In addition, 34% report that they have reduced spending on cybersecurity - something Vodafone Ireland Business Director, Sinéad Bryan, said is a mistake.
“According to this research, the majority of businesses are directing their digital investment towards customer service, product development and their presence online,” she told Newstalk.
“And it just shows how much more focus is required on the cybersecurity threats that are growing.”
The average cost to a business of a cyber attack was €8,500 but the report also highlighted that digitalisation continued to help drive profits.
“This research shows that those businesses who are most agile and have embraced technology over the last two years, have managed to grow revenue, reduce debt and create further e-commerce opportunities,” Ms Bryan said.
Main image: A cyber attack. Picture by: Alamy.com