Financial Crime World

Title: Cybercrime Surges Ahead as the Leading Financial Threat in Ireland: Findings from the Compliance Institute Survey

Irish Financial Services Compliance Professionals Identify Cybercrime as the Primary Financial Threat

In Dublin, cybercrime has been identified as the leading financial threat in Ireland based on a survey of 230 financial services compliance professionals by the Compliance Institute. The survey was conducted on the eve of the European Cybersecurity Agency’s Cybersecurity Month.

Cybercrime Emerges as the Most Pressing Financial Crime Concern

  • Cybercrime was identified as the most pressing financial crime (34%) of concern for industry experts.
  • This outpaced more traditional transgressions such as tax evasion (21%), fraud (21%), money laundering (19%), bribery and corruption (4%), and insider trading (1%).

The Evolving Menace of Cybercrime: A New-Age Menace

Quote: “Cybercrime has evolved into a new-age menace that continually outstrips our ability to keep up with it,” - Michael Kavanagh, CEO, Compliance Institute

The Irish Government Responds to the Escalating Cybercrime Threat

  • The Irish government took steps to address the escalating cybercrime threat with a cybersecurity strategy launched mid-2023.
  • The strategy includes:
    • Establishing a national anti-ransomware organization.
    • Offering subsidies to small businesses.

The Implementation Timelines Remain Uncertain

Quote: “The intentions are commendable, and many businesses would welcome such initiatives to counteract the growing threat of ransomware attacks,” - Michael Kavanagh, CEO, Compliance Institute.

Devastating Consequences of Cybercrime in Ireland

  • An illustrative case of devastating cybercrime in Ireland occurred in 2021 when the HSE (Health Service Executive) sustained a major cyberattack.
  • This significantly disrupted healthcare services and forced IT system shutdowns.
  • Hospitals and other HSE services were left without access to electronic health records.

Ireland’s Position as Europe’s Largest Data-Hosting Cluster

  • Ireland’s position as Europe’s largest data-hosting cluster requires an elevated cybercrime and data protection system.
  • Regulators worldwide are updating guidance for firms in response to evolving cybersecurity challenges.

The Public’s Role in Safeguarding Themselves in a Cyber-Threatened World

Quote: “Be prepared, stay informed, and practice caution in your online activities to minimize vulnerabilities. Remember, your cybersecurity is your responsibility.” - Michael Kavanagh, CEO, Compliance Institute.