40% of Irish businesses have suffered at least one cyber-attack in the last five years, with 88% suffering financial loss as a result.
Figures from insurance broker and risk management company Gallagher found that companies targeted also suffered the loss of intellectual property, supply chain disruption and reputational damage.
Director at Gallagher Ireland Laura Vickers said such attacks can have a significant impact on businesses.
"We're actually seeing a lot of increased activity in that space," she said.
"When there is a cyber hack there is quite a significant impact on your business and reputational damage, business interruption.
"Sometimes ransom payments are made and it can be quite impactful on the business."
A person holds and counts budget money. Image: imageBROKER.com GmbH & Co. KG / Alamy300 business decision makers across the UK & Ireland participated in the survey commissioned by Gallagher, 100 of which were based in Ireland.
Cyber extortion was the most common type of attack carried out on Irish businesses, with 37% saying they had been targeted.
Despite the increasing risk of cyber-attacks, 90% of business leaders expressed confidence in their ability to recover quickly.
This optimism may stem from the fact that 94% of businesses have a cyber insurance policy, with 89% confirming their coverage includes risk management.
Main image: A hacker using a virus to attack software in August 2019. Picture by: Westend61 GmbH / Alamy Stock Photo
