Cybercrime Surges Ahead as Top Financial Threat in Ireland, According to New Survey
According to the latest Compliance Institute’s Financial Crime survey, cybercrime has become the most prevalent financial crime in Ireland. This is a significant shift from traditional financial crimes like taxevasion and fraud.
Key Findings from the Financial Crime Survey
- Cybercrime is the leading financial crime: Cybercrime, including hacking, phishing, and online scams, accounted for 34% of the responses.
- Traditional financial crimes: Traditional financial crimes like tax evasion and fraud held the second place, each accounting for 21% of the responses.
- Money laundering and bribery: Money laundering and bribery and corruption followed with 19% and 4%, respectively.
- Insider trading and other financial crimes: Insider trading and other financial crimes accounted for a smaller percentage.
A Wake-Up Call for Businesses and Individuals
Michael Kavanagh, CEO of the Compliance Institute, stated, “The findings of our Financial Crime Survey are a clear wake-up call. Cybercrime is no longer an emerging threat; it has become a leading concern for businesses and individuals in Ireland.”
The Evolution of Cybercrime
“While the traditional financial crimes like tax evasion, fraud, and insider trading have long been an issue, cybercrime is evolving and advancing at an unprecedented pace,” Kavanagh added.
Irish Government’s Response
In response to the increasing cybercrime threats, the Irish government is reportedly planning to establish a national anti-ransomware organization and provide cash subsidies to small businesses to combat cybersecurity threats. However, details about the implementation timelines of these measures remain unclear.
Fraud Woes
The Banking & Payments Federation Ireland reported that fraudsters stole nearly €85 million through frauds and scams in 2022, marking an 8.8% increase from the previous year. Kavanagh warned about real concerns of an increase in these figures as a new year began.
Balancing Innovation and Effective Regulation
The surge in cybercrime and data protection concerns comes as Ireland becomes Europe’s largest data hosting cluster. Regulators and businesses must work together to find a balance between innovation and effective regulation and supervision.
Protecting Yourself from Cybercrime
The public must also be aware of the necessary precautions to protect themselves from the increasing threat of cybercrime. Some precautions include:
- Using strong and unique passwords
- Keeping software up-to-date
- Being cautious of suspicious emails and messages
- Avoiding clicking on links from unknown sources
Conclusion
Kavanagh concluded, “Regulators, businesses, and the public all have a role to play in addressing these emerging financial crimes trends and mitigating their impact. It is essential that we stay vigilant and informed and work together to protect our financial systems and individual assets.”