Title: Cybercrime Surge: Ireland’s Financial Crime Landscape in 2024

Cybercrime Emerges as the Most Prevalent Financial Crime in Ireland

• Compliance Institute Survey: Over 230 compliance experts shared insights on financial crimes in Irish financial services organizations.
• Top Financial Crimes: Cybercrime is the most widespread, surpassing fraud and tax evasion.

Consequences of Cybercrime

• Gravity of Cybercrime: Cybercrime poses a significant threat to Ireland’s fiscal landscape.
• Damaging Consequences: Cybercrime attacks can cause distress and damage to victims and the public.

Impact of Cybercrime on Ireland

• Financial Losses: Nearly €85m was successfully swindled through frauds and scams in 2022.
• Need for Enhanced Cybercrime and Data Protection Systems: With Ireland being Europe’s largest data hosting cluster, stronger cybersecurity measures are necessary.

The Urge for Regulatory Action

• Compliance Institute’s Urge: Regulators are encouraged to consider their capacity to regulate and supervise without hindering progress.
• Sinn Féin’s Call for Action: Sinn Féin Finance Spokesperson Pearse Doherty calls for prompt policy action and the adoption of efficient measures like a unified Fraud Database.

Staying Ahead of Financial Crimes

• Awareness and Preparedness: Awareness and preparedness are crucial factors for individuals and organizations to maintain financial security.
• Effective Response Strategies: Businesses and organizations are invited to develop effective response strategies.
• Public Education: The general public is encouraged to familiarize themselves with protective measures.