Published on: 2025-04-03

Intelligence Report: Almost 90 of Irish companies hit by disruption or financial loss due to cyberattacks – The Irish Times

1. BLUF (Bottom Line Up Front)

Nearly 90% of Irish companies have experienced financial loss or commercial disruption due to cyberattacks in the past year. Key findings indicate significant impacts on intellectual property, supply chains, and reputational damage. The prevalence of phishing and man-in-the-middle attacks highlights vulnerabilities in cybersecurity practices. Companies are encouraged to enhance cybersecurity measures, including staff training and system monitoring, to mitigate these risks.

2. Detailed Analysis

The following structured analytic techniques have been applied for this analysis:

General Analysis

The report from Gallagher Ireland reveals that a significant portion of Irish businesses have been targeted by cyberattacks, resulting in various forms of disruption. The data shows that 40% of companies reported intellectual property loss, while 47% experienced supply chain disruptions. Additionally, 32% faced ransom payment demands. The analysis suggests a growing concern among business leaders regarding cybercrime and its potential impact on operations.

3. Implications and Strategic Risks

The increasing frequency and sophistication of cyberattacks pose substantial risks to national security and economic stability. The potential for intellectual property theft and supply chain disruptions can have cascading effects on regional and global markets. The lack of awareness and failure to report cyber incidents further compound the financial and reputational damage to businesses.

4. Recommendations and Outlook

Recommendations:

• Enhance cybersecurity training for employees to increase awareness and reduce vulnerabilities.
• Implement robust cybersecurity practices, including regular system scans and multifactor authentication.
• Encourage businesses to invest in cyber insurance and risk management strategies.
• Strengthen regulatory frameworks to ensure compliance and reporting of cyber incidents.

Outlook:

In the best-case scenario, increased investment in cybersecurity measures will reduce the incidence and impact of cyberattacks. In the worst-case scenario, continued vulnerabilities could lead to significant economic and operational disruptions. The most likely outcome involves a gradual improvement in cybersecurity practices, driven by regulatory changes and increased awareness.

5. Key Individuals and Entities

The report highlights significant contributions from Laura Vicker and Brad Smith. Additionally, the organization Gallagher Ireland is noted for its role in conducting the research and providing insights into the current cybersecurity landscape.