Cost and talent barriers, plus lack of cyber-security awareness Leaving Irish SMEs open to cyber-attacks
- One in three tech leaders cite increased cybersecurity risk as a key challenge, two in five have experienced increased attacks and say their systems are vulnerable
- Despite known risk and need for improvement, only one in ten IT leaders recognise cyber-attack as a challenge to their own organisation’s growth.
- The launch of EY’s Managed Cyber Security Service provides a unique offering available nationally and globally via a highly skilled, Ireland-based team in Dublin, Cork and Belfast, bespoke cyber services, 24/7 monitoring
Dublin, 15 May: EY Ireland today announced the launch of its Managed Cyber Security Service, specifically tailored to support Irish SMEs and other businesses globally to defend against cyber security threats and attacks by reducing the cost and expertise barriers preventing many organisations from addressing their urgent cyber security needs.
Cyber-attacks are becoming more sophisticated and frequent as the abundance of connected devices means it is becoming ever more challenging for businesses, particularly those of a smaller scale, to keep up with the constantly shifting cyber threat.
Puneet Kukreja, EY Ireland Consulting Partner and Head of Cyber Security said, “A common myth is that a fully integrated in-house cyber infrastructure or a fully managed outsourced security capability is the only option. This can be resource heavy particularly for SMEs, leaving many businesses on the starting blocks where their cyber security journey is concerned.”
Results from EY Ireland’s recent Tech Leaders and CFO Outlook surveys point at cost and resource barriers, plus assumptions regarding levels of complexity as the key factors causing a failure-to-launch where cyber-preparedness is concerned.
Technology leaders acknowledge cyber-attacks as a growing external threat, with one in three citing cybersecurity risks as a challenge, however, cyber defence for their own businesses does not feature on their list of strategic and investment priorities. Organisations that experience a cyber breach invest in defences while others often divert spend elsewhere. These survey results show that many businesses are leaving themselves open to attack in a fast-paced digital world, where reliable cyber security protection is now more important than ever.
EY Ireland’s new Managed Cyber Security Operations Centre (MSOC) – that includes specialist services across the full spectrum of cyber - can support businesses who have been slow to embark on their cyber preparedness journey often due to misconceptions around expected technical complexity, lack of in-house skills and difficulty estimating cyber investment requirements. With SMEs these barriers become even more pronounced as they can be vulnerable to smaller budgets and no specialised security function to provide adequate cyber protection.
“The reality is that it is significantly more cost effective to protect against threats, than to react after the incident. Treating cybersecurity as an expense rather than an investment is counter-productive, leaving businesses wide open to attack. Modern, cloud-based infrastructure and open AI means that a single stolen credential or compromised account can be used by bad actors to launch an attack,” added Kukreja.
Insights from recent EY CTO and CIO research chimes with EY client feedback that, opting for tailored, outsourced Managed Cybersecurity Services allows businesses to overcome barriers, close internal resource and technology gaps and keep costs down, to clear the path towards accelerated growth.
About EY Managed Cyber Security Operations Centre
By integrating cybersecurity in their overall business strategy, companies ensure protection of their assets, customers and reputation. Without dedicated security operations, organisations face increased risk of cyberattacks, data breaches, and security incidents.
EY Ireland Cyber has a 100+ strong team dedicated cyber operations and engineering resources and is one of the largest of its type on the island of Ireland. The team is based across 3 locations, Dublin, Cork and Belfast, providing world-class expertise as the central hub for detecting, investigating and responding to clients’ security incidents.
EY Managed Security Operations Centre Services include:
- Threat Detection and Response
- Threat and Vulnerability Management
- Advanced Incident Response
- Threat Intelligence
- Dark Web Monitoring
- SOC Advisory and Maturity Assessment Services
EY SOC Advisory Services undertake cyber hygiene assessments, which inform the development of bespoke, customised solutions that enable clients to stay ahead of the ever-evolving cyber threat landscape, with the highest level of service and support, real-time monitoring, threat-detection, incident response and risk management services.