Title: Cybercrime Surges: Ireland’s New Number One Financial Threat

The Compliance Institute’s New Survey: Hacking, Phishing, and Online Scams - The New Age of Financial Threats

According to a recent survey conducted by Ireland’s leading professional body for compliance professionals, The Compliance Institute, cybercrime has become the most prevalent financial threat in the country.

Survey Identifies Cybercrime as Ireand’s New Number One Threat: The survey polled 230 compliance professionals, primarily from financial services organizations, and identified hacking, phishing, and online scams as the most significant cybercrime concerns.
New-Age Threats: Michael Kavanagh, CEO of The Compliance Institute, noted that these crimes were “new-age” and “advancing at a pace so fast that organizations and legislators cannot keep up.”

Catastrophic Impact of Cybercrime

The impact of cybercrime could be catastrophic, according to Kavanagh. An example of the devastating consequences of a cyber attack is the 2021 HSE hacking incident. In 2022, Banking & Payments Federation Ireland reported that fraudsters stole close to €85m through frauds and scams.

Urging Caution: Kavanagh urged regulatory bodies to balance supervision and innovation. He also called upon businesses and organizations to focus on preparation and response and for the general public to familiarize themselves with safeguarding measures.

Traditional Financial Crimes Continue to Pose Significant Risks

While traditional financial crimes such as fraud and tax evasion continue to pose significant risks, the growing threat of cybercrime demands our immediate attention.

Immediate Action: “Ireland’s position as Europe’s largest data hosting cluster further emphasizes the need for elevated cybercrime and data protection systems,” said Kavanagh.

Conclusion

As we begin a new year, the threat of cybercrime cannot be overlooked. Ireland, as a leading data hosting hub in Europe, must prioritize robust cybercrime and data protection systems. This report serves as a reminder that prevention and response are key to minimizing the impact of cybercrime.

Stay Informed: For the latest news and resources, visit The Compliance Institute’s website at www.complianceinstitute.ie.

Source: New Survey: Cybercrime Top Financial Threat in Ireland – Irish Examiner