We use cookies to collect and analyse information on site performance and usage to improve and customise your experience, where applicable. View our Cookies Policy. Click Accept and continue to use our website or Manage to review and update your preferences.

‘Cyber-issues top crime threat to finance’
Pic: Shutterstock

16 Jan 2024 / business Print

‘Cyber-issues top crime threat to finance’

A survey carried out by the Compliance Institute has found that cyber-crime is considered the most prevalent financial crime in Ireland.

The organisation, which works with professionals involved in the areas of compliance and regulation, surveyed 230 compliance professionals working in financial-services organisations.

Cyber-crime – including hacking, phishing, and online scams – was found to be the most prevalent financial crime by 34% of respondents.

Tax evasion and fraud were next, with both named by 21% of those surveyed, while 19% identified money-laundering.

Fast pace

The Compliance Institute’s CEO Michael Kavanagh said that cyber-crime was advancing at a pace so fast that organisations and legislators could not keep up.

Kavanagh welcomed Government plans, announced last year, to create a national anti-ransomware organisation, and offer subsidies to small businesses to help fight cyber-security threats.

“The timelines for this are unclear, but there’s no doubt that the move would be laudable, and welcomed with open arms by many businesses that continue to be plagued by ransomware attacks,” he said.

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland