95% of small and medium sized Irish businesses experienced a cyber-attack in the past year, according to the findings of a new survey.
The research by IT and cyber security firm Typetech reveals that the most common cyber-attacks were phishing, followed by ransomware and malware.
Of the 200 Irish business owners surveyed, over 70% said they increased their cyber security budgets last year.
The findings reveal that the average cyber security budget for small and medium sized businesses is just over €117,000.
Business owners said the management of remote working was the main reason behind increasing cyber security budgets, as well as growing concern about cyber-attacks and a lack of visibility of devices being used for work purposes.
Only 60% of the business owners surveyed said they have a strong understanding of cyber security threats.
Meanwhile, 69% believe that the government should provide more funding and support to help protect small and medium sized businesses against rising cybercrime threats.
This comes as 64% of respondents think that their businesses are more vulnerable to cyber-attacks than their international counterparts.
"Cybercriminals find small and medium sized businesses attractive targets because they have valuable information, and they often lack the security infrastructure of larger companies," said Trevor Coyle, Chief Technology Officer at Typetec.
"Everything needs to be done to support smaller businesses in particular, who can often be more exposed due to lack of inhouse expertise and resources," he added.