Cyber Resilience in Ireland: A Call to Action for Businesses
In an era where digital transformation is accelerating at an unprecedented pace, the importance of cyber resilience has never been more critical. However, a recent survey conducted by PwC reveals a concerning trend among Irish organisations: less than 30% have implemented robust cyber resilience measures. This statistic highlights a significant gap between Irish firms and their global counterparts, raising alarms about potential disruptions in the future.
The Cost of Cyber Breaches
The financial implications of inadequate cyber resilience are staggering. According to the survey, the average cost of a data breach is estimated to exceed €3 million. This figure is not just a number; it represents the potential financial ruin that could befall organisations that fail to adequately protect their digital assets. As cyber threats continue to evolve, the need for comprehensive cyber strategies becomes increasingly urgent.
Growing Awareness and Investment
Despite the alarming statistics, there is a silver lining. The survey indicates that two-thirds of Irish respondents anticipate an increase in their cyber budgets over the coming year. This shift in mindset reflects a growing awareness of the importance of cyber risk mitigation. In fact, 74% of Irish organisations are prioritising cyber risk mitigation in the year ahead, significantly outpacing their global peers in this regard. This proactive approach is essential for safeguarding businesses against the ever-evolving landscape of cyber threats.
The Threat Landscape: Third-Party Breaches and Generative AI
For the second consecutive year, third-party breaches have been identified as the primary cybersecurity threat facing Irish organisations. This highlights the interconnected nature of modern business operations, where vulnerabilities in one organisation can have cascading effects on others. Additionally, the rise of Generative AI has introduced new cyber vulnerabilities, complicating the threat landscape further. As businesses increasingly adopt AI technologies, they must remain vigilant and proactive in addressing the associated risks.
The Need for Robust Cyber Resilience
Leonard McAuliffe, Cybersecurity Partner at PwC Ireland, emphasises the urgency of the situation: “Despite the high cost of cyber breaches, less than one in three Irish organisations have implemented robust cyber resilience actions across their businesses.” This statement underscores the disconnect between awareness and action. While many organisations recognise the need for cyber risk mitigation, their planned investments still lag behind those of their global peers. To effectively safeguard against cyber attacks, Irish companies must elevate their commitment to cyber resilience.
The Competitive Advantage of Cyber Investment
As organisations grapple with cybersecurity concerns, a notable trend has emerged globally: nearly four-fifths of business leaders surveyed have increased their investment in Generative AI over the past year. This investment is not merely a trend; it represents a strategic move to enhance cyber defence capabilities. Moira Cronin, Digital Risk Partner at PwC Ireland, notes, “It is clear that organisations which invest appropriately in cybersecurity have a competitive advantage compared to those who do not.” This competitive edge is crucial in a landscape where cyber threats are becoming more sophisticated and pervasive.
The Role of Cyber Regulations
As the digital landscape evolves, so too do the regulations governing cybersecurity. The survey indicates that while Irish companies have significant work to do to comply with upcoming cyber regulations, there is a consensus that these regulations are driving investment in cybersecurity. This regulatory push serves as a catalyst for organisations to prioritise their cyber resilience efforts, ensuring they are not only compliant but also well-prepared to face potential threats.
Conclusion: A Call to Action
The findings of PwC’s 2025 Digital Trust Insights survey paint a sobering picture of the current state of cyber resilience among Irish organisations. While there is a growing recognition of the importance of cyber risk mitigation, the gap between awareness and action remains a significant concern. To protect their businesses and maintain a competitive edge, Irish firms must prioritise investment in cyber resilience and adopt a proactive approach to cybersecurity. The time for action is now; the cost of inaction could be far greater than any investment in cyber defence.