95% of Irish small businesses face cyber-attacks

/ 7th February 2022 /

Nearly all small businesses in Ireland experience a cyber-attack last year, but only 60% of small and medium-sized business owners believe they have a strong handle on the cybersecurity threats they face, according to a survey commissioned by IT services provider Typetec.

Some 95% of 202 businesses with up to 150 employees questioned for the survey, carried out by Censuswide, said they experienced a cyber attack in 2021, with phishing (40% of SMEs experiencing at least one attack), ransomware (38%) and malware (35%) the most common threats.

In response, the cybersecurity budget of the average SMB rose to €117,209 as nearly three-quarters of businesses surveyed (71%) increased their cybersecurity budgets.

Remote working and increasing concern about cyber-attacks (both 44%) were the most commonly cited factors for increased security spending followed by a lack of visibility of devices being used for work purposes (41%).

Trevor Coyle, chief technology officer at Typetec, theorised that cybercriminals target small businesses because they have valuable information but often lack the necessary security infrastructure.

SME Cyber Attack — Trevor Coyle, chief technology officer at Typetec, theorised that cybercriminals target small businesses because they have valuable information but often lack the necessary security infrastructure

Over two thirds (69%) of small and medium-sized business owners believe that the government should provide more funding and support to help protect them against rising cybercrime threats.

A sizeable majority of respondents (64%) also think that their businesses are more vulnerable to cyber-attacks than their international counterparts.

"While 2021 saw a continued rise in cybercrime, most businesses are fully aware that attacks are likely to become even more targeted and sophisticated this year. Everything needs to be done to support smaller businesses in particular, who can often be more exposed due to lack of in-house expertise and resources," Coyle said.

"A majority of SMB owners feel that the government should also be helping them to tackle these rising threat levels. It’s a valid argument as the government fail to realise the risk posed by a supply chain attack to its agencies with SMBs forming a link in that chain.

"Ultimately, it’s a battle that can be won if all stakeholders work together and put proactive measures in place to follow best practice advice and mitigate against these growing risks."

Photo: Getty Images & Typetec CTO Trevor Coyle.