Financial Crime World

Study Reveals Insights into Ireland’s Cyber Security Sector

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A comprehensive study has been conducted to identify and analyze the cyber security providers operating in Ireland. The research, carried out by Perspective Economics, matched 489 cyber security firms with company information from Bureau van Dijk FAME (for financial metrics) and Companies Registration Office (CRO) statistics, as well as through direct consultation with industry stakeholders.

Defining Cyber Security

The study utilized a broad definition of cyber security, as set out in the National Cyber Security Strategy (2019), to identify firms offering products and services that ensure:

  • Confidentiality
  • Integrity
  • Authenticity
  • Availability of networks, devices, and data.

Taxonomy Approach

A taxonomy was developed to categorize the products and services offered by cyber security firms in Ireland. The six key areas identified include:

  • Managed Security Service Provision (MSSP) and Advisory Services
  • Risk, Compliance, and Fraud
  • Securing Applications, Networks, and Cloud Environments
  • Operational Technology, Security, and Connected Devices
  • Threat Intelligence, Monitoring, Detection, and Analysis
  • Identification, Authentication, and Access Control

Firm Profiles

The study found that the majority of firms in Ireland’s cyber security sector are:

  • Small to medium-sized enterprises (SMEs)
  • Few large companies operating in the market

The research also highlighted the diversity of services offered by these firms, including:

  • Managed security services
  • Risk assessment and compliance
  • Application security
  • Threat intelligence

Survey Results

An online business survey was sent to 489 firms, with 122 responses received. The survey asked about:

  • Trading nature of identified firms
  • Views on the perceived strengths, barriers, and opportunities within the sector
  • Opinions on the response to security issues online

Estimates Used

Due to the lack of available revenue data for some firms, estimates were used in the study. These estimates were developed using:

  • Bottom-up modeling
  • Engagement with industry stakeholders
  • Benchmarking against other sectors and international comparisons

The findings of this study provide valuable insights into Ireland’s cyber security sector, highlighting its size, structure, and diversity of services offered. The research is expected to inform policy decisions and support the growth of the sector in Ireland.