Most Irish businesses are taking action to insulate against the rising threat of cybercrime globally, according to new research by Grant Thornton.
It found that 62% of businesses surveyed plan to upgrade technical controls over the next 12 months.
Over a third of companies also indicated they are implementing robust training plans to prepare staff for potential attacks.
Half of the businesses plan to invest in technology to boost internal cyber protection processes, while 20% have prepared plans for how they will respond in the event of such an attack.
The Grant Thornton International Business Report is a survey of 29 economies globally, including Ireland, carried out in the first half of the year.
"We're seeing growing anxieties around the risk of cyber-attacks to Irish businesses coming through in the International Business Report findings, and it’s no surprise either when we see the volume of attacks growing year-on-year," said Mike Harris, Partner and Head of Cyber Security Services at Grant Thornton Ireland.
"The financial and reputational damage a cyber attack causes to a business and its people cannot be underestimated, and it’s reassuring to see businesses are acting now to prevent and mitigate against that risk.
"Staff training and efficient and upgraded IT infrastructure are going a long way to support this," he added.
Cyber security is forming a significant part in businesses upgrading their digital infrastructure and IT investments as 43.5% of firms report IT security management their main investment in this area to support future growth of their business.
The current Grant Thornton International Business Report also found that businesses sense of optimism for the coming 12 months has dropped since the previous report, with 62% of businesses reportedly optimistic, down from 85% in 2021.
