Most Compliance Professionals in Ireland Concerned About Cybercrime: Survey

More than 97% of compliance professionals in Ireland have either experienced or are concerned about cybercrime targeting their organisation, according to new research published on Wednesday.

The national survey by the Compliance Institute revealed that 51% of respondents said their organisation has been affected by cybercrime such as phishing, ransomware, or fraud attempts in the past five years. Of those, 6% reported suffering significant negative consequences.

Another 47% said their organisation has not yet experienced a cyberattack but they are actively concerned about potential threats. Only 2% of respondents said they do not view cybercrime as a major risk.

The survey gathered responses from 150 compliance experts, mainly from the financial services sector.

"Cybercrime is no longer a niche or occasional risk – it’s a persistent, evolving threat," said Michael Kavanagh, CEO of the Compliance Institute. "The fact that over 97% of compliance professionals are either affected or worried shows how central cyber resilience has become to the compliance agenda in Ireland."

The research also found that employee training and awareness is seen as the most effective defence against cyber threats, cited by 87% of respondents. This was followed by investment in cybersecurity technology (72%), improved fraud detection and monitoring systems (60%), and regulatory reporting and compliance measures (21%).

“Human error is the biggest vulnerability in most cyberattacks,” Mr. Kavanagh said. “That’s why training and awareness are so important. It’s good to see organisations focusing on educating staff along with investing in technology.”

However, he also noted the lower reliance on regulatory compliance as a defence may indicate a gap between policy and actual practice.

The Compliance Institute is a professional body representing over 3,850 compliance professionals in Ireland.