Cybersecurity in Finance Industry in Ireland on High Alert Amid Surge in Economic Crime

Ireland’s thriving cybersecurity market, valued at $300 million, is witnessing increased spending by US vendors due to a surge in economic crime and fraud. The country has been hit hard by reported losses estimated at €10 billion in 2022 alone.

A Wake-Up Call for Cybersecurity

In May 2021, Ireland’s health service was crippled by a significant ransomware attack. Although the government refused to pay the ransom demands, international partners helped disrupt the attackers’ activities. This incident highlighted the need for stronger cybersecurity measures.

Strengthening Cyber Security Incident Response Team (CS-IRT) and National Cyber Security Center (NCSC)

The Irish government has announced measures to strengthen its CS-IRT and NCSC. Remote working has added pressure on corporate IT systems, with many employees using personal devices while working from home.

Investment in Cybersecurity Resilience

Industry reports reveal that Irish businesses are investing heavily in cybersecurity resilience to ensure their growth. CEOs rank cybersecurity as a top priority, ahead of AI/data science and long-term value creation.

National Cyber Risk Assessment (NCRA)

The NCRA highlights the systemic cyber risks faced by critical national infrastructure (CNI), including energy, transport, financial services, healthcare, and telecommunications. The report emphasizes the importance of supply chain security in digital technologies within these sectors.

End-User Segments

Large enterprises, public sector organizations, SMEs, remote workers, and home consumers are the leading end-user segments. The $50 billion digital economy encompasses 1,000 digital companies, including major US firms and a growing SME community.

EU Legislation on Data Privacy and Cybersecurity

EU legislation on data privacy and cybersecurity is driving spending on security solutions. Companies must comply with regulations such as GDPR, NIS2 Directive, and DORA to avoid heavy penalties of up to 4% of global revenues for data breaches and cyber incidents.

Opportunities in Cybersecurity Solutions and Services

Opportunities abound in providing cybersecurity solutions and services to large corporations, SMEs, and public- sector organizations. The most significant opportunities lie in organizations where IT security is mission-critical, such as major financial institutions, utilities, and government departments.

Increased Spending on Security Solutions

The ongoing threat of cyber-attacks is driving increased spending on security solutions. AI-powered solutions are gaining traction within the CNI segment. Preparedness for cybercrime in Ireland is increasing, but more needs to be done to prevent fraud.

US Cybersecurity Vendors in Irish Market

US cybersecurity vendors have a strong presence in the Irish market, with Irish distributors and systems integrators seeking innovative solutions from across the Atlantic.