{"id":221518,"date":"2026-05-28T04:00:00","date_gmt":"2026-05-28T08:00:00","guid":{"rendered":"https:\/\/testing.news-you-need.com\/index.php\/2026\/05\/28\/report-irish-firms-cut-cybersecurity-spend-despite-rising-risks\/"},"modified":"2026-05-28T04:05:09","modified_gmt":"2026-05-28T08:05:09","slug":"report-irish-firms-cut-cybersecurity-spend-despite-rising-risks","status":"publish","type":"post","link":"https:\/\/testing.news-you-need.com\/index.php\/2026\/05\/28\/report-irish-firms-cut-cybersecurity-spend-despite-rising-risks\/","title":{"rendered":"Report: Irish firms cut cybersecurity spend despite rising risks"},"content":{"rendered":"

Report: Irish firms cut cybersecurity spend despite rising risks<\/a><\/p>\n

https:\/\/www.siliconrepublic.com\/enterprise\/report-irish-firms-cut-cybersecurity-spend-despite-rising-risks<\/a><\/p>\n

Publish Date: 2026-05-28 04:00:00<\/a><\/p>\n

Source Domain: www.siliconrepublic.com<\/a><\/p>\n

Author: <\/a><\/p>\n

Using an unordered list, summarize the following article with between 4 and 8 key points.
\n Reducing cybersecurity budget a \u2018high-risk strategy\u2019, said Saros Consulting co-founder.
\nIrish businesses show a split approach to security, with only half of the surveyed IT leaders admittedly increasing their cybersecurity budget, while one in four reduced spending for 2026.
\nThis, as cybersecurity threats grow multi-fold in recent years, with bad actors increasingly employing AI tools to bolster their approach.
\nThe insights stem from a new Saros Consulting report carried out by Censuswide, which surveyed 200 IT decision-makers in organisations in Ireland with more than 250 employees.
\nAccording to the survey, increased investments in cybersecurity is enabling leaders to explore new avenues to bolster their defences, with 30pc of the surveyed willing to pay bounties to experts who can expose vulnerabilities.
\nThis is already happening in practice, with around 27pc admitting to have already done this.
\nDespite this, only 50pc are confident that they can detect attackers before any damage is done, while only 51pc said they have an incident response plan. And, only 54pc of those surveyed said that they test their incident response plan once or more per year.
\nLacking an effective response plan often leads to significant financial and reputational damage for businesses at the hands of bad actors, with a different survey from 2025 reporting that nearly one-third of large enterprises in Ireland paid at least one ransom to cybercriminals over the year.
\nThe average cost Irish businesses spent out of pocket in cyber ransoms amounted to nearly \u20ac700,000.
\nMeanwhile, businesses need to keep up with the constant change in the cybersecurity landscape by ramping up their own infrastructure.
\nIn a recent interview with SiliconRepublic.com National Cyber Security Centre\u2019s director of resilience Joseph Stephens shared his concerns around the effect advanced AI models such as Anthropic\u2019s Mythos would have on small businesses in the country.
\nCensuswide, in its newest report, finds that 55pc of the surveyed IT leaders said their legacy systems are increasing their organisation\u2019s cybersecurity risk. To tackle this, large enterprises in Ireland are dedicating 28pc of their IT budgets on mandatory system upgrades.
\nAlthough, 30pc of their budgets are dedicated to maintaining systems that the leaders know should be replaced.
\n\u201cReducing cybersecurity budgets at a time of increasing threat complexity is a high-risk strategy for large enterprises,\u201d said Ray Armstrong, the co-founder and co-CEO of Saros Consulting.
\n\u201cCybersecurity underpins every aspect of modern IT strategy, from digital transformation to regulatory compliance. Organisations who deprioritise it risk exposing not only their systems, but also their customers, their reputation and their long-term resilience.\u201d
\nJustin van der Spuy, also the co-founder and co-CEO of Saros Consulting, added: \u201cThere is a clear disconnect between the scale of today\u2019s cyber threats and the decision by some large organisations to reduce investment in this area.
\n\u201cWhat is needed now is strategic clarity and a long-term approach to resilience. Businesses must ensure they are supported by experienced partners who can help them navigate evolving threats and increasing regulatory complexity.\u201d
\nDon\u2019t miss out on the knowledge you need to succeed. Sign up for the\u00a0Daily Brief, Silicon Republic\u2019s digest of need-to-know sci-tech news.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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