Financial Crime World

Title: Cybercrime Surges as Top Financial Threat in Ireland: Findings from The Compliance Institute’s SurveyΒΆ

Dublin, Ireland - Cybercrime as the Leading Financial ThreatΒΆ

The Compliance Institute’s latest Financial Crime survey revealed cybercrime as the most prevalent financial crime in Ireland. Based on responses from 230 compliance professionals working primarily in Irish financial services organizations, the data was extensively covered in print, online, and broadcast media.

Survey Results: Cybercrime as the Leading Financial Threat (34%)ΒΆ

  • Hacking, phishing, and online scams accounted for 34% of the respondents’ answers, making it the leading financial threat in Ireland.

Joint Second Place: Fraud and Tax Evasion (21%)ΒΆ

  • Fraud and tax evasion took joint second place, each accounting for 21% of responses.

Following Financial Crimes: Money Laundering, Bribery and Corruption, Insider TradingΒΆ

  • Money laundering, bribery and corruption, and insider trading followed with significantly lower percentages.

CEO Michael Kavanagh’s PerspectiveΒΆ

Traditional financial crimes like tax evasion and insider trading are important issues, but cybercrime is a new and rapidly evolving threat. It’s essential for organizations and regulators to adapt and keep pace with the latest threats.

  • Michael Kavanagh, CEO of The Compliance Institute

The Irish Government’s ResponseΒΆ

  • Ireland’s government recently announced plans to create a national anti-ransomware organization and offer subsidies to SMEs to help combat cybersecurity threats.
  • This move is a positive step, according to Kavanagh.
  • Ransomware attacks can have devastating consequences, with the massive HSE hack in 2021 being a prime example.

Growing Financial Fraud ConcernsΒΆ

  • Fraudsters stole nearly €85 million through frauds and scams in 2022, marking an 8.8% increase compared to the previous year, according to Banking & Payments Federation Ireland (BPFI).

Urgent Need for Effective Cybersecurity Measures and RegulationsΒΆ

  • As the largest data hosting cluster in Europe, Ireland needs robust cybercrime and data protection systems.

Balancing Regulation and InnovationΒΆ

Regulators must strike a balance between regulation and innovation, while businesses and organizations must be prepared to adapt and respond. The general public also plays a crucial role in staying informed and taking practical steps to secure their personal and financial information.

  • Michael Kavanagh, CEO of The Compliance Institute

Conclusion: Urgent Need for ActionΒΆ

The Compliance Institute’s survey findings underscore the urgent need for effective cybersecurity measures and stricter regulations to combat financial crime in Ireland. Regulators, businesses, and the public must work together to address these challenges and protect the financial sector and the broader economy.