Azets Report Shows Cybersecurity Tops List of SME Concerns
Recruitment will receive the largest investment, with 44% planning to invest at least €60,000.
Micro Businesses at Risk of Falling Behind on AI
Cybersecurity investment has emerged as a top priority for SMEs (Small and Medium-sized Enterprises) in Ireland, according to a recent report by professional services firm Azets Ireland. The Azets Barometer Survey, which garnered 111 responses from businesses across Ireland between April and May 2024, indicates that 91% of Irish businesses are planning to invest in cybersecurity measures. Other priorities highlighted include recruitment and talent acquisition (89%), digitalisation (88%), and employee retention (87%).
Focus on Recruitment and Cybersecurity
Micro businesses – those employing nine people or fewer – place the highest emphasis on cybersecurity measures. Recruitment is set to receive the largest investment, with 44% of respondents planning to invest at least €60,000 in this area.
AI Investment Lagging in Micro Businesses
More than half (57%) of micro businesses reported that they would make no investment in artificial intelligence (AI) over the next 12 months. In stark contrast, 96% of medium-sized businesses, employing between 50 and 249 people, stated they plan to invest in AI within the coming year.
Challenges in Talent Acquisition
The survey also revealed the main challenges companies face related to talent acquisition are:
- Compensation and benefits (41%)
- Competition from other employers (36%)
- Skills shortage in the labour market (33%)
Despite these challenges, Irish businesses exhibit considerable confidence in their ability to attract and retain top talent compared to their northern European counterparts.
Comments from Azets Ireland CEO
Neil Hughes, CEO of Azets Ireland, commented on the findings:
“The latest Azets Barometer indicates that businesses are generally confident about the future and Ireland’s economic prospects. It’s clear from the Azets Barometer that Irish businesses are prioritising investments in cyber security and people as they look to protect their data and grow their workforce.”
He further emphasized the role of entrepreneurial, owner-managed, and family-owned businesses in the Irish economy, noting:
“Entrepreneurial, owner-managed, and family-owned businesses are the backbone of the Irish economy, employing more than two-thirds of all those working in the private sector. At Azets Ireland, we’re expanding our team of experts who have a deep understanding of the dynamics of these ambitious businesses and how to fuel their future growth.”
With these insights, it is clear that cybersecurity and recruitment are at the forefront of SME priorities in Ireland, with increasing focus on ensuring the safety of their digital spaces and strengthening their workforce amidst a competitive labor market.
