Large enterprises in Ireland paid an average of €683,000 in ransoms for cybercrimes last year, Expleo has found.

In a survey of 200 business and IT decision-markets within enterprises with 250 or more employees, the technology consultancy found that 29 per cent of large organisations in Ireland have paid at least one cybersecurity ransom in the past 12 months.

A quarter (24 per cent) admit that they expect to fall victim to an attack in the coming year, and nearly two-thirds (63 per cent) say state-sponsored cyberterrorism is more of a risk to their business than it was a year ago.

As a result, more than a fifth (22 per cent) of large firms have set aside a budget for the payment of ransoms, averaging €2.7m, and one in three (30 per cent) will increase their investment in cybersecurity to ward off AI-driven attacks.

However, this is a smaller proportion than the 41 per cent of large enterprises that fell victim to an AI-powered cyberattack in the last 12 months.

The most common successful method of attack is ‘whaling,’ which sees cybercriminals specifically targeting senior executives, who often have access to valuable financial and sensitive information.

Half of the respondents said that a whaling attempt had resulted in a breach in their organisation in the last 12 months, while 85 per cent said there had been at least one attempt.

Although businesses are continuing to direct resources towards cybersecurity, 22 per cent admit to having outdated processes and technologies, and a further 17 per cent say they are not investing enough.

“Ransom demands are no longer just a threat - they are now a mainstay of cybersecurity strategies for organisations," said Phil Codd, managing director of Expleo Ireland. 

"The fallout from a cyberattack can be devastating for businesses, resulting in severe financial losses, compromised data, and reputational damage that can jeopardise long-term stability. Mitigating the risk is a constant task that must be undertaken.

“Regardless of an enterprise’s position on ransom payments, each one of them must focus on a whole-organisation approach to prevention.

"This requires investing in continuous employee training and education, putting the right systems in place and maintaining constant vigilance through regular monitoring and audits."

(Pic: Getty Images)