Financial Crime Prevention Techniques in Ireland Lagging Behind Rapidly Advancing Cybercrime Threats, Experts Warn
Financial Crimes on the Rise in Ireland
A recent survey has revealed that cybercrimes such as hacking, phishing, and online scams are the most prevalent forms of financial crimes in Ireland. The survey, conducted by the Dublin-based Compliance Institute, questioned 230 compliance professionals working primarily in Irish financial services firms.
Cybercrime Takes the Lead
The results showed that cybercrime was the most common form of crime in the financial world, edging out traditional pursuits such as tax evasion, fraud, money laundering, bribery and corruption, and insider trading. Over a third of respondents cited cybercrime as the number one threat.
Experts Warn of an Evolving Threat
According to Michael Kavanagh, CEO of the Compliance Institute, cybercrime is advancing at a pace that organizations and legislators cannot keep up with. “Cybercrime is more new-age and is developing and advancing at a pace so fast that organisations and legislators cannot keep up,” he said.
Irish Government’s Cybersecurity Strategy
The Irish government has launched a cybersecurity strategy aimed at creating a national anti-ransomware organization and offering cash subsidies to small businesses to fight cybercrime. However, the timelines for implementing these measures are unclear.
Unique Challenges Facing Ireland
Ireland’s unique position as Europe’s largest data-hosting cluster warrants an “elevated” cybercrime and data protection system, according to Kavanagh. He emphasized that regulators need to balance the need to regulate and supervise with the need to avoid stifling innovation, while businesses and organizations must prepare and respond accordingly.
Devastating Consequences of Cyberattacks
The recent HSE cyberattack in 2021, which disrupted healthcare services across the country, serves as a stark reminder of the devastating consequences of these crimes. The attack was described as the most serious cyberattack ever to hit the State’s critical infrastructure.
Proactive Measures Needed
Experts warn that regulators, businesses, and individuals must take proactive measures to stay ahead of the rapidly evolving threat of cybercrime. This includes:
- Staying up-to-date with the latest guidance and best practices
- Implementing robust security measures
- Educating oneself on how to protect against these threats