Title: Ireland’s Financial Services Sector Braces for Surge in Cybercrime, Tax Evasion, and Fraud
Dublin, Ireland - Compliance Institute’s Financial Crime Survey Highlights Prevalent Financial Crimes
The Compliance Institute’s latest Financial Crime survey sheds light on the most prominent financial crimes plaguing Irish organizations. Based on responses from 230 compliance professionals, the survey reveals the following:
Prevalence of Financial Crimes in Ireland
- Cybercrime (hacking, phishing, online scams) - 34%
- Tax evasion - 21%
- Fraud - 21%
- Money laundering - 19%
- Bribery and corruption - 4%
- Insider trading - 1%
Concerns Over Growing Trend of Cybercrime
Survey Findings
According to the survey, cybercrime is currently the most prevalent financial crime in Ireland, with a 34% response rate. This urgent issue underscores the need for heightened cybersecurity measures.
Perspectives from Michael Kavanagh, CEO of The Compliance Institute
Michael Kavanagh, CEO of The Compliance Institute, shares his concerns regarding the growing trend:
While traditional financial crimes continue to pose a threat, cybercrime is a new-age issue that’s advancing at an alarming rate. Organizations and legislators struggle to keep up with the fast-evolving nature of these attacks.
Ireland’s Response
Ireland’s growing status as Europe’s largest data hosting cluster amplifies the urgency for robust cybercrime and data protection systems. In response to the threats, the Irish government plans to establish a national anti-ransomware organization and provide cash subsidies to small businesses to strengthen their cybersecurity defense.
Addressing Fraud Concerns
According to the Banking & Payments Federation Ireland, fraudsters managed to steal almost €85 million through frauds and scams in 2022, marking an 8.8% increase over the previous year. The threat of further losses heightens as the new year begins.
Balancing Regulation and Innovation
Adapting to Evolving Threats
Regulatory bodies continue to release updates and guidance on emerging cybersecurity issues. Organizations and individuals must learn to prepare, respond, and protect themselves against the evolving threats.