More than 97% of compliance professionals either have experienced or are worried about cyber crime targeting their organisation in Ireland, research published on Wednesday revealed.
The national survey carried out by the Compliance Institute found that more than half of respondents – 51% – said their organisation has fallen victim to cybercrime such as phishing, ransomware, or fraud attempts within the past five years, with 6% suffering significant negative consequences.
Some 47% of respondents said their organisation is yet to experience a cyberattack but they are actively concerned about potential threats. Just 2% said they do not see cybercrime as a major risk.
The survey questioned 150 experts in Ireland, primarily within financial services.
“Cybercrime is no longer a niche or occasional risk – it’s a persistent, evolving threat that affects almost every organisation in some shape or form,” said Compliance Institute chief executive Michael Kavanagh. “The fact that over 97% of compliance professionals either have experienced or are worried about cyber incidents shows just how central cyber resilience has become to the compliance and risk agenda in Ireland.”
The survey found that employee training and awareness has been the most successful defence in combatting cyber attacks, with 87% of respondents citing this as their number one line of defence, followed by cybersecurity technology investment (72%), improved fraud detection and monitoring systems (60%), with regulatory reporting and compliance efforts (21%) in fourth place.
“The single biggest vulnerability in most cyberattacks is human error,” said Mr Kavanagh. “That’s why training and awareness continue to be so crucial. It’s encouraging to see so many organisations prioritising employee education alongside investments in systems and technology. However, the lower reliance on regulatory compliance mechanisms as an effective deterrent may also suggest a gap between policy and practice that needs to be bridged.
“It’s not enough to invest in technology and hope for the best. Cyber resilience is a continuous process, involving training, monitoring, governance, and strong coordination between compliance, IT, and senior management. In a world where cybercrime is growing more sophisticated by the day, complacency is the real risk.”
The Compliance Institute is a professional body for compliance professionals, with more than 3,850 members in Ireland.
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