One-quarter of Irish SMEs have paid multiple ransoms to cybercriminals
One quarter of Irish SMEs have paid out ransoms to cybercriminals on multiple occasions. This is according to Typetec’s latest annual survey of SME owners in Ireland. The survey found that 33% of SMEs in Ireland have paid ransoms, with 74% of these having done so on multiple occasions. In 2021, Typetec’s survey found that 52% of all SMEs had paid ransoms to cybercriminals.
Commissioned by Typetec and conducted by Censuswide, this is the second successive year that the research has been carried out. This year’s survey, which involved 200 small and medium-sized business owners, reveals that the average cost of a ransom is now €22,773, in line with last year’s average of €22,712.
The new research also found that 67% of SMEs that paid a ransom, still had their sensitive data leaked into the public domain. Meanwhile, 53% said their sensitive business data was placed on the dark web. Of the SME owners that have already paid a ransom, 71% feel they are now more vulnerable to an attack.
To help combat the financial risks of a cyberattack, the survey revealed that 52% of Irish SMEs hold a cryptocurrency reserve in case needed. A further 69% hold cybercrime insurance. However, 71% of SME owners believe that the cyber insurance market is fuelling the ransomware crisis.
“Our new research highlights that a significant number of Irish SMEs are paying out ransoms to cybercriminals, often on a regular basis,” said Trevor Coyle, CTO, Typetec. “Crypto reserves and cyber insurance are also part of the recovery tactics of most businesses surveyed. However, businesses can’t put a price on their data or reputations. When attacks happen and ransoms are paid, data is typically still being leaked into the public domain and onto the dark web regardless.
“It’s crucial for businesses to have a coordinated cybersecurity strategy in place, with a particular emphasis on best practice basics such as continuous cybersecurity awareness training for employees. General housekeeping does not need heavy investment and will almost always be less costly than the financial and reputational repercussions of a successful attack.”
Coyle continued: “While the majority of business owners believe that the cyber insurance market is fuelling the ransomware crisis, unfortunately many Irish SMEs are getting caught in the crossfire. Ultimately, they need to be more proactive about putting the right cybersecurity measures in place as the ostrich approach is not acceptable anymore.”
TechCentral Reporters
Subscribers 0
Fans 0
Followers 0
Followers