Day-to-Day Cyber Disruptions Driving Loss for SMEs, Finds Report
Arthur T Knackerbracket writes:
The Eir Business Hidden Cost of Cyber Risk report, which is supported by Microsoft, has found that on average cyberattacks 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 frequent day-to-day cybersecurity-related disruptions that are 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.
Susan Brady, the managing director at Eir Business, said: This report shows that cyber risk is not just about rare, large-scale attacks.
"For most SMEs, it is the cumulative impact of everyday incidents, from phishing emails and ransomware attempts to service disruptions, that drives significant loss of time and productivity. These risks affect not just individual businesses, but supply chains, customers and the wider business ecosystem."
[...] The report stated that the companies with more cyber preparedness tend to experience fewer incidents, lower overall losses and significantly less disruption. Moreover, the organisations with higher levels of preparedness can reduce annual downtime from more than 30 days to around five days, while structured data management significantly lowers the likelihood of experiencing an attack.
[...] This research highlights the real and growing impact that cyber risk is having on businesses across the country, not just in financial terms, but in disrupted operations and lost productivity. However, with the right support, guidance and focus on practical measures, businesses can strengthen their resilience and reduce their exposure."
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