AN increase
in cybercrimes
is costing Irish companies over €600m a year, according to a new report.
Reports of
data breaches are mounting in Ireland as both foreign and Irish criminals
infiltrate business computer systems, according to a Grant Thornton business
report.
Common crimes
include identity fraud, online scams, and cyber theft and cyber extortion.
Notifications
of security breaches rose 36pc in 2012. Incidents are typically under-reported
to the Data Protection Commissioner because company’s fear a hit to their
reputation should they disclose their security systems failed, according to
Grant Thornton partner Mike Harris, who launched the company's cyber security
service.
Breaches
since 2011 include attacks on Loyalty build, Eircom Study Hub and Recruit
Ireland. Loyalty build suffered a breach of customer data and credit card
information and had to invest €500,000 on security.
It is
estimated that 55pc of cybercrime is by international organized crime gangs –
typically operating in countries where regulation is weak.
Mr Harris
said: "Our estimate of €630m is likely to be below the actual level given
that many companies still do not report security breaches for fear of the
reputational damage."
He said Irish
businesses should be focusing... on the ability to detect and react to data
security breaches.
"It is
not a question of if an Irish business will be subjected to an online attack,
but a question of when," he said.
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