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New analysis carried out by Grant Thornton Ireland has revealed the general value of cybercrime to the Irish economic system in 2020 to be €9.6bn. The Economic Cost of Cybercrime report revealed by Grant Thornton’s Cyber Security group estimates the direct and oblique prices incurred on account of cyber-attacks in opposition to companies, people, and the federal government. The 2020 analysis builds on Grant Thornton Ireland’s 2014 Cost of Cybercrime report, which famous an general value to the economic system of €630 million on account of cybercrime, a determine which has exponentially elevated within the newest knowledge.

Phishing and ransomware assaults, together with credit score and debit card fraud, and operational technology-focused assaults have all elevated considerably lately with ransomware assaults, by which cybercriminals demand cost for the discharge of compromised supplies, by far essentially the most vital type of cybercrime famous in 2020.

Ransomware assaults alone and the price of remedying such assaults reached over €2bn in 2020. The €2bn prices of ransomware assaults in 2020 estimate the direct prices related to these occasions i.e. ransoms paid, in addition to oblique prices comparable to infrastructure and IT payments and reputational damages incurred by means of public dialogue and media protection.

The report additionally notes a 100% enhance in pc viruses and a 20% enhance in phishing assaults, the place fraudulent communications purporting to be from respected sources had been despatched to companies and shoppers. This comes as credit score and debit card fraud additionally elevated, resulting in losses of €12m.

Speaking on the launch of the report in the present day, Head of Cyber Security Services at Grant Thornton Ireland Mike Harris stated, ‘We are all very a lot conscious of the chance of cybercrime to companies and certainly, to shoppers, however as a comparatively new phenomenon that has emerged prior to now decade or so, many companies and people are nonetheless grappling with the way to insulate in opposition to this risk.

‘Cybercriminals are progressive and opportunistic. This means we additionally have to be progressive in how we mitigate in opposition to potential cyber-attack dangers. Ransomware assaults, for instance, had been as soon as focused primarily at shoppers however we now know companies, organisations, and governments are the principle targets for some of these crimes.

‘Cyber-attacks, more generally, have huge consequences to balance sheets, reputation, and data protection, and this report highlights that the frequency of these attacks is growing rapidly.’

The previous 12 months has demonstrated big adjustments and fast digital transformation for Irish companies and their staff throughout the nation. Cybercriminals noticed these adjustments as a possibility to assault companies, organisations, and companies amid this transformation.

Research continues to point out that many staff are accessing work servers remotely and from private gadgets which with out acceptable measures, presents one other path to cyber-attacks for cybercriminals.

Howard Shortt, Director in Forensics & Cyber at Grant Thornton Ireland famous, ‘Now is the time for businesses to review their processes, to test their IT and infrastructure for weaknesses to cyber-attack, and for employees to be trained appropriately to prevent accidental exposure while working on-site or remotely. Not carrying out these preventative measures could lead to large costs in the event of an attack in future.’

The 2020 Economic Cost of Cybercrime report is the second such report from Grant Thornton Ireland.

For extra data on the Economic Cost of Cybercrime report, please go to:

https://www.grantthornton.ie/cost-of-cybercrime


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