In an increasingly interconnected world, the importance of cybersecurity has become paramount. As technology continues to advance at a rapid pace, so do the risks and threats associated with cybercrime.
Recognising the significance of safeguarding its digital infrastructure, Ireland has taken proactive measures to upgrade its cybersecurity in 2023. The decision to bolster the country’s cybersecurity capabilities, ensure the protection of its critical assets and foster a secure digital landscape provide a roadmap for citizens and companies alike to follow.
Our dedicated team at Radius can play a crucial role in protecting your company from cybersecurity threats by providing a comprehensive risk assessment using our advanced service offering which is specifically tailored to your organisation’s needs. From continuous monitoring, guaranteed compliance and instant incident response, see how we can help.
Read further to learn about some of the reasons as to why Ireland is shining a light on the cybersecurity sector in 2023.
Sophisticated Cyber Threats
Escalating cyber threats in Ireland have prompted companies to prioritise and upgrade their protective measures, with increasing risk levels in the digital realm.
Cybercrime incidents in Ireland rose by a staggering 66% in the past year alone. Furthermore, a survey conducted by the National Cyber Security Centre (NCSC) revealed that 82% of Irish businesses experienced a cybersecurity incident in 2022, with financial losses averaging €75,000 per incident.
These alarming figures underline the urgent need for companies to bolster their cybersecurity defences, invest in advanced technologies, and adopt proactive measures to mitigate the ever-evolving threats.
National Security Concern
The common goal to strengthen national security in Ireland has spurred companies to upgrade their protective cybersecurity measures.
A survey conducted by the Irish Business and Employers Confederation (IBEC) highlighted that 78% of Irish businesses consider cybersecurity a top concern in relation to national security and 91% of companies believed that cyberattacks pose a significant risk to Ireland’s national security.
The compelling results emphasise the critical role that companies play in safeguarding the nation’s infrastructure, thereby driving their commitment to upgrading cybersecurity measures to mitigate risks and protect against potential threats.
Improving Economic Competition
Enhancing economic competitiveness in Ireland is a key driver behind companies upgrading their cybersecurity defences. Cybercrime costs the Irish economy an estimated €630 million annually with over 60% of Irish businesses experiencing a data breach in the past year, resulting in significant financial losses.
These figures highlight the detrimental impact of cyber incidents on businesses and their ability to compete effectively. Recognising the importance of protecting intellectual property, trade secrets, and customer data, companies in Ireland are investing in robust cybersecurity measures to bolster their reputation, foster business confidence, attract foreign investment, and ultimately enhance their competitive position in an increasingly digital landscape.
Enhancing Privacy Safeguards
Safeguard privacy measures for individuals across Ireland from both a professional and personal standpoint compelling companies to upgrade their protective cybersecurity measures.
A survey conducted by the Irish Data Protection Commission (DPC) revealed that reported data breaches in Ireland increased by 9% in the past year, with over 6,000 incidents reported. Alongside this 87% of Irish citizens are concerned about the protection of their personal data. In light of the General Data Protection Regulation (GDPR), companies can face severe financial penalties for data breaches, with fines of up to €20 million or 4% of global turnover, whichever is higher.
The team at Radius cannot stress enough the importance of safeguarding personal data, mitigating the risks of data breaches, and preserving citizen privacy rights. Companies in Ireland are thus motivated to invest in upgraded cybersecurity defences to maintain trust, protect sensitive information, and comply with privacy regulations.
Continued Compliance
The need to address legal and regulatory measures in Ireland is another driving force behind companies upgrading their protective cybersecurity measures. 72% of Irish businesses believe that complying with legal and regulatory requirements is a significant challenge in cybersecurity.
Moreover, the implementation of the General Data Protection Regulation (GDPR) has had a profound impact, with the Irish Data Protection Commission (DPC) receiving over 7,000 data breach notifications in the first year of GDPR’s enforcement.
Non-compliance with GDPR can result in hefty fines, with potential penalties of up to €20 million or 4% of global turnover. These statistics underscore the urgency for companies to prioritise cybersecurity upgrades, align their practices with legal and regulatory frameworks, and ensure compliance to avoid severe financial and reputational consequences.
In 2023, Ireland is providing extensive support for companies to upgrade their cybersecurity measures through initiatives such as government grants, cybersecurity training programs, and collaborative partnerships with industry experts. Speak to one of the Radius team today and see how we can provide you with the ideal solution.
We hope you have enjoyed reading this article and found it useful in helping you to decide on your next steps to upgrading your cyber platform!
Follow us on LinkedIn for all of the latest industry updates and insights.
