A recent Magnet Networks Cyber Security Survey has uncovered a lack of awareness from Irish businesses around cyber breaches.

Just 20% of businesses said they had suffered from a cyber attack in the past two years, with a further 16% unsure and 64% claiming they had been unaffected.

However, a leading cyber security expert states that the true average industry figure for attacks is 43%, and that many Irish businesses are unaware that they currently have a sophisticated cyber breach.

The survey was carried out among 258 companies spread across all sectors and regions, giving an up-to-date sample of the business attitudes to threats which could potentially ruin many of those who are attacked.

Insufficient measures in place

34% of all businesses have no cyber security policy in place, with a further 19% acknowledging that either their security needs tightening or they are completely insecure.

“The average time it takes a business to identify a cyber breach is 191 days, and in many cases a company may not know they have been affected until their data is sold on the dark web,” according to cyber security expert James Canty of Magnet Networks.

New threats are emerging

The biggest global threats against business are now ransomware, fileless malware and crypto mining attacks.

“In the past year we have seen a huge increase in the use of fileless malware in attacks. This runs in memory and is a lot harder to detect and stop than malware installed on systems,” said Canty.

“The hijacking of computers for crypto-mining purposes is also quickly becoming a major problem for enterprises, involving almost 90% of recent remote code execution attacks, according to industry figures.

Furthermore, the survey found 49% of respondents rating themselves as unprepared or still preparing for GDPR.

Only 32% of companies have described themselves as satisfied with the arrangements that they have made for the regulations which came into force in May.

And 27% of all respondents said that either the business owner, or no-one at all, was responsible for cyber security in the business.

Source: Business & Finance Media Group