One in five businesses in Ireland, the equivalent of 50,000 companies, do not have a cyber security policy in place, according to a new survey.
The research from connectivity network Magnet+ shows that 50% of Irish businesses have not implemented an email security solution to prevent cyber threats and attacks.
The study also reveals that almost one third of Irish SMEs spend less than 10% of their IT budget on cyber security.
When asked who was responsible for implementing a cyber security strategy in a business, 13% of respondents said they either did not know who was responsible or that no one was responsible.
Magnet+ Managing Director John Delves described the survey results as concerning.
"We live in a digital economy where the risk of a cyber-attack on a business is always increasing and usually these cyber hackers tend to be a step ahead," he said.
"For organisations with no cyber security system in place, the potential damage that could be caused from an attack may be irreversible," he added.
The survey was released to coincide with the announcement of a new cyber security partnership between Magnet+ and IT company Exponential-e.