Cybercrime has consolidated its position as the most prevalent financial crime facing Irish organisations. New research from the Compliance Institute, the professional body for compliance professionals, finds that 51% of compliance professionals now rank cybercrime as the top financial crime risk in Ireland, up sharply from 34% in 2023. The survey polled 150 compliance professionals nationwide, primarily working within financial services.

For accountancy and finance leaders, the data is both a warning and a call to action. The findings map a threat landscape that has shifted decisively in three years: cybercrime is pulling ahead while traditional financial crimes are declining in perceived prevalence. Three trends define the environment: the rise in cybercrime concern, the changing profile of secondary threats, and the implications for finance functions.

The shift from 2023 is striking. Fraud came second at 23%, up from 21%. Tax evasion, once tied with fraud at 21%, has dropped to 13%. Money laundering fell from 19% to 12%, bribery and corruption recorded 0%, down from 4%, and insider trading remained unchanged at 1%. Michael Kavanagh, CEO of the Compliance Institute, attributes the rise to the scale and sophistication of online criminal activity, with criminals quick to exploit new technologies and moments of vulnerability.

The Irish context adds urgency. The Central Bank of Ireland’s research shows the total value of fraudulent payments rose 24.5% in 2024 compared to 2023. BPFI’s FraudSMART reports that Irish SMEs lost €17.4 million through email-related scams over two years, with 68% targeted in the last 12 months and 31% having no fraud awareness training. Investment fraud reports to the Garda National Economic Crime Bureau rose over 20% in 2025, with losses exceeding €20 million, continuing into 2026.

For finance and accountancy professionals, the implications are direct. As Kavanagh notes, managing finances online across banking, pensions, insurance and investments makes cybercrime a serious financial risk for individuals and businesses, with consequences including direct financial loss, data theft, operational downtime, reputational damage, and recovery costs.

Three priorities follow for Irish accountancy and finance leaders. First, internal controls reviews should assess cyber-related financial crime risk, including invoice redirection, payment fraud, and identity theft. Second, client advisory services should incorporate cybercrime risk assessment as a standard element of financial planning, particularly for SME clients. Third, firms should ensure cyber awareness training is fully embedded in onboarding and continuing professional development.

The Compliance Institute survey is a useful longitudinal measure of where professional attention is concentrated. The trajectory is clear: cybercrime is no longer one risk among many; it is the defining financial crime challenge for Irish compliance and finance professionals, and organisations that treat it as such will be better placed to protect their clients, their people, and their operations.

(The views expressed by the writer are their own and do not necessarily reflect the views or positions of BusinessRiver.)