HLB Cyber News Insights August 2024
In This Issue:
One-Third of Irish Firms Now Budgeting for Cyber Ransom Payments Amid Rising Threats
A recent survey reveals that around one-third of Irish businesses have allocated funds specifically to pay cyber ransoms, reflecting the growing threat of cyberattacks. This trend highlights the increasing financial burden and risk associated with cybercrime, as companies are not only focusing on preventive measures but also preparing for potential ransom demands. The findings underscore the need for enhanced cybersecurity strategies to mitigate these risks and protect business assets from evolving cyber threats.
20% Surge in Significant Cyber Incidents
The National Cyber Security Centre (NCSC) reports a 20% increase in recent significant cyber security incidents, most of which are due to outages or errors caused by software or hardware failures. The Irish government’s new Cyber Security Plan allocates over €80 million to enhance national defences, including expanding the NCSC to 70 staff members by 2025. This strategy aims to bolster collaboration between public and private sectors, addressing the growing complexity of cyber threats to safeguard Ireland's critical infrastructure and digital economy.
Source: https://www.rte.ie/news/ireland/2024/0806/1463699-cyber-security-plan/
Irish Businesses Face Hefty Fines up to €10 million for Non-Compliance with New EU Cybersecurity Law
Irish companies are being alerted to the potential for substantial fines if they fail to comply with the new EU Network and Information Security Directive (NIS2), set to be enforced soon. The directive broadens the scope of industries covered and imposes stricter cybersecurity requirements on businesses. Non-compliance could result in penalties of up to €10 million or 2% of global turnover. This highlights the urgent need for companies to review and enhance their cybersecurity measures to meet these stringent new regulations.
Ireland Falls to 8th in Global Cybersecurity Knowledge Rankings
Ireland has dropped to 8th place globally in terms of cybersecurity knowledge, a decline that raises concerns about the country's readiness to handle growing cyber threats. The latest rankings reflect a need for increased focus on cybersecurity education and skills development to maintain Ireland's competitive edge in the digital landscape. As cyber threats become more sophisticated, the importance of strengthening cybersecurity expertise within the workforce is more critical than ever.
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