Ireland could easily become a world cyber-security hub, says a new report published by Deloitte. The report suggests that security practices and solutions to counter more sophisticated scamming and phishing and growth in identity theft will demand sophisticated solutions that could lead to significant job creation.

In conjunction with ISIC, the International Sustainability and Investment Centre, Deloitte conducted a survey as part of its analysis whcih found that Ireland has already proven itself to be an innovative technology hub, and cyber-security is another area in which it can become a global leader.

The survey showed that there is a surge in requirements for enhanced cyber-security, with respondents identifying increased regulation on data privacy (73% of respondents), more sophisticated scamming and phishing (59%), and growth in identity theft (53%) as the major trends in the cyber area over the next five years.

Regional Centres

As a result, businesses will change how they organise and manage data security, internally or through third party providers. Over a third (36%) of respondents felt there would be a trend towards outsourcing cyber management to third party organisations, and just over a quarter (27%) think businesses will establish global/regional centres of excellence for managing this function.

In Association with

The implication is that a small number of locations will be preferred for establishing centres of excellence, in the same way that certain locations became favoured for establishing shared service centres.

And while the US ranks as number one location for a cyber business, followed by the UK, Ireland ranks alongside cyber strongholds such as Israel, Canada, Australia and India as a potential location of choice.

“Ireland ranked well in its relative attractiveness as a location for cyber business,” said Colm McDonnell of Deloitte. “The country's cyber footprint is relatively small and there is scope for further action. The good news is that there appears to be no dominant jurisdiction for investment in cyber-security, so it’s all to play for right now.”

Enhanced education to increase both the level and extent of skills, startup and incubation facilities, access to capital, and marketing Ireland as a location of choice for cyber security practices, solutions and investment are some of the measures promoted in the report to ensure the country is not left behind in the new cyber-business era.

Photo: Stephen Nolan (left), CEO of the International Sustainability and Investment Centre and Colm McDonnell, Partner, Risk Advisory, Deloitte. (Pic: Robbie Reynolds)