In recent years, cybercrime has been on the increase and unfortunately, this trend is continuing into 2023. According to the Grant Thornton Economic Cost of Cyber Crime 2022, the cost of cybercrime was estimated at some 9.6 billion euro, which is a staggering figure.

HSE Cyberattack

One of the most high profile cyberattacks in recent years occurred in May 2021 when the Irish Health Service Executive (HSE) suffered a major cyberattack. The attack caused significant disruption to the HSE's system, shutting down its IT network and affecting critical healthcare services, including patient records and medical equipment. The cyberattack was carried out by a sophisticated cybercrime group, and it highlights the growing threat that cyber criminals pose to critical infrastructure and services.

Ransomware Attacks

However, it is not just the healthcare sector that is at risk. Cybercrime affects businesses across all industries. And the HSE cyberattack not only impacted the Irish healthcare system but also had ripple effects across Europe. In fact, Europe has seen a significant increase in cyberattacks in recent years, with ransomware attacks being a particular threat.

Ransomware attacks are a type of cyberattack where cyber criminals encrypt an organisation's data and demand payment to release it. These attacks have been on the rise in Europe, with some estimates suggesting that they have increased by over 200% in the past year alone.

Cyber Security Measures

The rise of cybercrime in Europe is a major concern, and it is crucial for businesses and organisations to take proactive steps to protect themselves. Robust cyber security measures need to be taken, such as regularly updating software and conducting regular security assessments. But it is just as important to educate employees on cyber security best practices and increase awareness of the threats posed by cyber criminals.

To protect yourself and your organisation:

• Be cautious of emails from unknown sources and never click on links or download attachments without verifying their authenticity (you can check the email url to verify it is actually from who you think it is).
• Use strong passwords and enable two-factor authentication for all online accounts.
• Keep your software and security systems up-to-date and protect against the latest threats.
• Avoid using public Wi-Fi networks for sensitive transactions and use a virtual private network (VPN) when accessing sensitive information from home.

In short

The rise of cybercrime causes a major threat to businesses and organisations across the globe. The economic cost of cybercrime is significant, and the impact on critical infrastructure and services can be severe. The HSE cyberattack and the increase in ransomware attacks in Europe highlight the need for increased cyber security measures and awareness to protect against the growing threat of cybercrime.

It is more important than ever to be vigilant and protect yourself and your organisation. By following best practices and staying aware of the latest threats you can help prevent cyberattacks and keep your information safe.