Two thirds of Irish businesses plan to hike cyber security investment

Two thirds of Irish businesses are to boost investment in cybersecurity in the face of increasing threats, a new survey has found.

The research, which was carried by Dell Technologies and the Executive Institute, also found that 93 per cent of companies have moved to enhance their data protection in the past year.

But companies are struggling to cope with the pressure generated by a rising number of cyber attacks.

There are a number of barriers to increasing organisations’ cyber resilience, businesses said, with an increasing number of attacks listed as the main concern, and a lack of in-house cyber skills and outdated technology also cited as obstacles.

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The Digital Pulse Survey, which questioned more than 150 business leaders in the country, also found that 68 per cent of companies have acted to mitigate the risks presented by flexible and remote working.

“The results of the survey suggests that the threat posed by cyber-attacks continues to grow and threatens the future success of our member organisations. These attacks are becoming more frequent and more sophisticated,” said Conor Morris, managing director of Executive Institute. “Planning for and adopting a security strategy that remains current and as up to date as new cyber threats themselves will be a key factor going forward.”

A large number of companies are also planning to use technology to help them achieve their sustainability goals, with more than 80 per cent saying technology has had a positive effect on their sustainability goals. Almost half of companies are looking at upgrading technology in the next year to cut rising energy costs and drive sustainable innovation.

Some 37 per cent are using technology to increase energy efficiency, while almost a quarter are facilitating remote or hybrid working. Twenty per cent are cutting carbon emissions using using technology to help reduce carbon emissions.

“It’s clear that cyber risk continues to weigh heavily on business leaders as they advance their digital transformation plans. The vast majority have taken steps to enhance their data protection, and two-thirds are looking to increase this investment in the year ahead. Proactive and timely action will be vital to strengthening cyber defences,” said Catherine Doyle, managing director of Dell Technologies Ireland.

“As businesses work to enhance their cyber resilience, it’s also positive to see the role of technology in driving sustainable innovation. From using technology to increase energy efficiency and facilitate remote working to achieving operational efficiency, digital transformation can help leaders shape a more sustainable future.