How to protect the 1 in 3 small businesses in Ireland hit by cybercrime
Cybercrime threatens Ireland’s small businesses, with one in three falling victim. There are free toolkits and vital resources available to boost their security.
Cybercrime is the number one threat when it comes to financial crime in Ireland.1 This is particularly true for small businesses; one in three of which fell victim to cybercrime between May 2021 and April 2022, according to data from Grant Thornton. 2
Over 43% of cyber-attacks are targeted at small businesses, which are seen as low-hanging fruit for criminals due to their limited resources and funding. Small businesses are the lifeblood of the economy, and more needs to be done to provide training and resources that limit these digital threats.
Training and cybersecurity toolkit support Over 85% of small businesses do not have a cybersecurity plan in place, due to lack of funding (47%), skills (50%) and low awareness of potential risks (36%). These statistics are one of the reasons we, at Mastercard, are a proud sponsor of the Global Cyber Alliance’s (GCA) Cybersecurity Toolkit.
The Toolkit provides small businesses in Ireland with a completely free handbook and resources to help improve their resiliency and security when it comes to areas like passwords, phishing, malware and more. It is available, for free, through our Mastercard Trust Centre.
Upskilling and adaptation to threats
Upskilling is vital in helping small businesses and entrepreneurs defend themselves, but we also recognise that cybercrime is becoming more sophisticated. It’s important that the technology being developed to stop these criminals also improves.
That spirit of innovation is at the heart of everything we do at Mastercard, and we believe in supporting big ideas that have the potential to scale — wherever they might start.
Supporting innovation
That’s why we recently launched our Strive EU Innovation Fund, providing over €4.5 million worth of grants to businesses offering innovative B2B solutions specifically designed for European small businesses with fewer than 10 employees.
The Fund will offer grants of up to €500,000 to as many as 20 winners developing digital and data-first solutions. These solutions must promote the growth of small businesses in Europe, with a specific focus on several key areas, including cybersecurity.
Cybercrime may disproportionately affect small businesses, but it’s our collective responsibility to ensure entrepreneurs have access to the expertise, training and resources they need to not only protect themselves but to thrive.
