Research is revealed as Magnet+ unveils new cyber security partnership with international technology leader Exponential-e
- 50% of Irish businesses have not implemented an email security solution to prevent cyber threats and attacks
- Almost one third of Irish SMEs spend less than 10% of their IT budget on cyber security
- One quarter of businesses rely on social media and blogs for information on cyber security threats and attacks
- Magnet+ is offering businesses a free vulnerability scan to proactively identify and resolve weaknesses within their corporate infrastructure before they can be exploited
One in five businesses in Ireland do not have a cyber security policy in place, according to new research from Magnet+, Ireland’s largest independent connectivity network. With approximately 250,000 SMES located nationwide (according the latest CSO figures), this statistic from Magnet+ indicates that approximately 50,000 businesses nationwide are without a cyber security policy.
The survey, which was conducted to examine the current attitude of Irish businesses to their network security, comes as Magnet+ announces its new partnership with international IT, communications and technology innovator Exponential-e, making Magnet+ the first telecommunications company in Ireland to add a full cyber security service to its suite of connectivity solutions.
The move means that Magnet+ customers can now get their connectivity and security requirements from the one provider – and be secure in the knowledge that as well as benefiting from world class technical expertise, their business will have the highest level of cyber security controls possible to protect against any vulnerabilities, threats or breaches.
The survey results released today indicate that Irish businesses need to do a lot more to ensure they are prepared for a cyber security attack, as such a situation can have a detrimental impact on any business – not only in terms of financial loss and loss of business, but also reputational damage.
So, how much budget are businesses allocating to protect their data?
Almost one third (83,000) of Irish businesses allocated less than 10% of their IT budget to cyber security measures in 2021 and this year’s survey reveals that this trend is unlikely to change in the short term, with 38% saying they have not increased their budget for 2022, while a further 37% say they have no idea if they have increased their budget or not for this year. Just 25% of businesses say they have increased their cyber security budget for 2022.
Who is responsible for implementing a cyber security strategy in a business?
When it comes to responsibility for IT security in Irish businesses, the survey reveals that:
- Nearly 30% say that the business owner or office manager is responsible
- 13% say they either didn’t know who was responsible or that no one was responsible
- 47% say that a CTO or IT Manager is responsible
The timely partnership between Magnet+ and Exponential-e is a significant step in Magnet+’s journey to transform the Irish telecommunications sector and set themselves apart from competitors by always improving and expanding their services to become the telecommunications company that customers will always recommend to others. New products and services include:
- Firewall Monitoring
- Monitoring Management
- Content Filtering
- Penetration Testing
- Vulnerability Scanning
- End Point Protection
- Vulnerability Management
- Managed Cyber-Security Operations Centre (CSOC)
- Cyber-Security Diagnostics Assessment (CSDA)
- Crisis Response-as-a-Service (CRaaS)
How are businesses staying informed on cyber threats and attacks?
When it comes to keeping their business informed on cyber security threats and attacks, one quarter say they rely on social media or blogs / news sites for information, while 13% say they don’t keep informed. 25% say they read industry specific websites or publications while just 16% rely on a cyber security consulting firm.
What do SMES feel poses the biggest threat to their network security?
Almost one in four businesses say that email attachments pose the greatest cyber security threat to their business, yet the survey reveals that 50% of businesses have not implemented an email security solution to prevent this.
Commenting on these results, John Delves, Managing Director of Magnet+, says:
“These figures are quite concerning to me. We live in a digital economy where the risk of a cyber-attack on a business is always increasing and usually these cyber hackers tend to be a step ahead. Our partnership with Exponential-e will enable us to give businesses the chance to get ahead of the inevitable attack by providing them with the tools and products to prepare and protect their data and networks in advance. For organisations with no cyber security system in place, the potential damage that could be caused from an attack may be irreversible. It’s also alarming to see that 28% of businesses say it’s difficult to make a business case for management to invest in cyber security when it should be a key focus of theirs. At the end of the day, it is the CEO’s responsibility to understand the core principles of cyber security and ensure an investment in cyber security is a top priority”.
Magnet+ is inviting businesses to avail of a free vulnerability scan which will identify exploitable gaps within their current security systems. The assessment examines network perimeters, identifies vulnerabilities and provides actionable solutions with risk-based insights. Mimicking the actions of the most effective cyber criminals, the service provided by Magnet+ offers businesses an extra layer of value by analysing and advising where they should implement extra precautions. Anyone interested in availing of the service should visit www.magnetplus.ie
Simon Acott, Director of Business with Exponential-e, says:
“We are really looking forward to working with Magnet+ and to bring our security expertise to their ever-growing network of experts. In the current climate we are seeing an increase in the number of cyber-attacks on a global scale and the reality is what we read about in the media is a very small percent of the actual number of cyber-crimes happening as more often than not, it’s the SMES and smaller companies that are being hit the most. The results from Magnet+’s survey indicate that there is an overall lack of awareness and understanding re the importance of cyber security for SMES which is a bit unnerving given the world we are living in currently. Business owners need to prepare for the inevitable and start seeing investing in cyber security as an asset as opposed to a cost.”
Today’s landmark partnership announcement is part of an overall ambitious growth plan for Magnet+ to expand, transform and improve its offering to customers. The combined offering of these world class experts under one roof means that no other provider in Ireland is more capable, qualified or trusted to operate and protect any business connectivity network in the country.
For more information and regular updates, check out www.magnetplus.ie or
follow us on Twitter @MagnetPlus