Ireland’s Financial Sector Braces for Surge in Cybercrime

Compliance Institute Survey Reveals Cybercrime as Prevalent Form of Financial Crimes

Dublin — In a concerning development for the Irish financial sector, a new survey by the Compliance Institute has identified cybercrimes as the most pressing threat. The survey questioned 230 compliance professionals primarily working in Irish financial services firms.

Cybercrime Surges past Traditional Financial Crimes

Michael Kavanagh, CEO of the Compliance Institute, commented on the findings: “Cybercrime is the new-age threat in the financial world, and it’s evolving at such an incredible pace that both organizations and legislators struggle to keep up.” Over one-third (34%) of respondents identified cybercrime as the leading threat, surpassing more traditional forms of financial crimes such as tax evasion (21%), fraud (21%), money laundering (19%), bribery and corruption (4%), and insider trading (1%).

Irish Government’s Anti-Ransomware Initiatives

Kavanagh praised the Irish Government’s efforts to combat cybercrime by creating a national anti-ransomware organization and providing cash subsidies to small businesses. However, he noted the unclear timelines for these initiatives:"The Irish Government’s move to create a national anti-ransomware organization and offer help to small businesses is commendable. Many businesses are battling against the tide of ransomware attacks, which can have devastating consequences for all involved."

High-Profile Cybercrime in Ireland

One of the most high-profile cybercrime cases in Ireland was the HSE cyberattack in 2021. The attack crippled the IT systems of hospitals and other HSE services, leaving them unable to access essential electronic health records and resulting in significant disruption. Kavanagh emphasized Ireland’s unique position as Europe’s largest data-hosting cluster and advocated for a more robust cybercrime and data protection system:"Regulators in Ireland and around the world are continuously issuing new guidance to firms in response to emerging cybersecurity issues. However, regulators must be careful not to stifle innovation while protecting the public."

Robust Security Measures and Staying Updated on Threats

Businesses and organizations need to proactively respond to cybersecurity threats, and the general public must remain informed about measures they can take to protect themselves. As cybercrime continues to evolve, the financial sector in Ireland must stay one step ahead, implementing robust security measures and keeping up-to-date with the latest threats.