July 19, 2019

Cyber Threats Growing Faster in Ireland than Anywhere Else

According to the latest reports an Irish cybersecurity start-up ‘Tines’ has launched latest ways to the tech industry, which includes a security suite of latest features which, they say, have the latent to alter how companies all across the globe respond to these cyber-threats.

From the past few years in Ireland, the cyberattacks ratio is increasing day by day, with 4 out of 10 businesses failing to assess the risks. Economic crime is hitting crime record levels in Ireland, with almost half of businesses in the country are reporting cybercrimes.

According to latest statistics, 10 businesses have already lost more than €4million due to financial crime in the previous two years while one more 66pc lost up to €810,000 through phishing attacks. The study also revealed that many Irish companies are failing to do risk assessment programs, usually the primary footstep to avoid fraud before it takes root.

The chief superintendent Patrick Lordan from the Garda National Economic Crime Bureau said that “The research highlights that economic crime, fuelled by cybercrime, is becoming more prevalent and more costly for Irish businesses,” they said.

The clear-out costs of economic threats are also considerable. For example, approximately 7 out of 10 participants confirmed that they had spent the similar or more on the succeeding investigations as the real crime itself – and this was considerably more than the worldwide experience (46pc).

“As the value of transactions over the internet increases exponentially year on year, fraudsters are turning to new ways of redirecting funds and are successfully achieving their goals,” said Pat Moran, PwC Ireland cyber leader.

“The funds allocated to crime detection and prevention is increasing, with Irish companies investing more than global companies, and that has a multiplier effect in terms of understanding and detecting fraud.

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Furthermore, according to reports, it is also revealed that biometrics devices are also facing a lot of suspicion from users, in spite of an industry push to influence us to use everything from our unique fingerprints and scan the users face and iris scans in a bid to eradicate the dreaded password errors from our security systems. But as long as businesses are using passwords, phishing will be a cheap way to try to achieve access to a firm and the rate of scams is getting easier too. So it is good to incorporate high-security methods to avoid such mishaps.

For now, it has been predicted that by the year 2021 there will be 3.5Million unfilled cybersecurity jobs internationally, companies are more and more turning to computerization to make sure security teams are working as competently and efficiently as possible, according to Tines a startup company In Ireland.

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About `Author`

Akansha Pandey, Director of Sales at Fluper, is a leader in technology sales with a decade of experience. Known for her strategic approach, she excels in driving business growth and forging strong client relationships. Akansha's expertise lies in consultative selling, team leadership, and exceeding revenue targets. Passionate about mentoring, she enjoys sharing insights with aspiring sales professionals.