In This Issue:
Data Breach at Electric Ireland Affects 8,000 Customers:
Electric Ireland has recently confirmed a significant data breach impacting approximately 8,000 customers. The breach, suspected to involve internal unauthorised access, led to the exposure of sensitive personal and financial data. In response, Electric Ireland is actively reaching out to the affected customers, providing guidance on safeguarding against financial fraud. This includes recommendations to cancel any cards used for bill payments and to vigilantly monitor account transactions since October 2021 for any anomalies. Customers not contacted by Electric Ireland are not believed to be affected. An investigation into this incident is being conducted by An Garda Síochána and the Data Protection Commissioner.
€1.2 Million in Cryptocurrency Seized in National Fraud Operation:
In a major crackdown on cyber-enabled financial crimes, An Garda Síochána has seized an estimated €1.12 million in cryptocurrency. This seizure is part of a larger, ongoing investigation into money laundering and fraudulent text message schemes, both nationally and internationally. The operation, led by the Gardaí from the Waterford Division Crime Hub, focused on the proliferation of 'smishing' scams via text and WhatsApp. The operation has led to the arrest of nine men in Waterford, with two currently facing charges related to money laundering, theft, and fraud. The investigation's scope is extensive, involving collaboration with international law enforcement agencies and highlighting the increasingly sophisticated and global nature of cybercrime.
Irish Businesses Ramp Up Cybersecurity Investments Amid Growing Threats:
A recent survey by Dell Technologies and the Executive Institute reveals a significant trend: two-thirds of Irish businesses are planning to increase their cybersecurity investments. This decision is driven by the escalating frequency of cyber threats, as evidenced by 93% of organisations enhancing their data protection strategies in the past year. The survey, which included over 150 business leaders, also sheds light on the challenges posed by cyber-attacks, the scarcity of cybersecurity expertise, and the obsolescence of current technologies. Additionally, the survey underscores the importance of cybersecurity in facilitating remote and hybrid work environments and the role of technology in sustainable innovation.
Survey: 44% of Ireland's Data Executives Would Consider Paying Ransomware Demands:
A startling revelation from a survey conducted by Arthur Cox indicates that 44% of Ireland's corporate legal and compliance professionals might contemplate paying a ransom in the event of a ransomware attack, provided it is legally and economically justifiable. The survey, titled the Data and Digital Leadership Survey, involved over 150 in-house lawyers, compliance officers, and data protection officers from diverse sectors. Despite the growing adoption of generative AI tools in businesses, the survey indicates a predominant concern over cybercrime, particularly ransomware attacks, over the implications of AI technologies. Richard Willis, a partner at Arthur Cox LLP, emphasizes the critical need for legal and compliance professionals to be well-prepared for such cyber threats.
Interested in how HLB can fortify your business against cyber threats? Explore our Cyber Security Solutions on our website.