Survey finds large majority of compliance experts believe their company is well prepared to deal with incidents

Irish financial services firms are increasingly prioritizing cybersecurity resilience as cyber attacks and system outages emerge as the biggest operational threat heading into 2026. This shift in focus follows a series of high-profile incidents that have exposed vulnerabilities across industries and reinforced the growing impact of cyber disruptions on business continuity.

According to insights from the Compliance Institute, nearly 60% of financial services professionals identified cyber attacks and outages as their top operational risk for the year. This places cybersecurity concerns well ahead of other challenges, such as regulatory changes, supply chain disruptions, and workforce shortages.

Despite the heightened risk landscape, the majority of firms express confidence in their preparedness. Around 70% of respondents stated they are reasonably confident in their organization’s ability to respond to cyber incidents, while an additional 17% reported being very confident in their operational resilience strategies.

Michael Kavanagh, Chief Executive of the Compliance Institute, pointed to recent cyber incidents affecting major organizations as a clear indication of the scale and severity of modern threats. Companies such as Marks & Spencer and Jaguar Land Rover experienced significant disruption following cyber attacks, highlighting how such events can impact both operations and financial performance.

Marks & Spencer, for instance, reported a £136 million (€154 million) hit to its annual profits after a cyber attack in April 2025 forced the retailer to suspend online sales of clothing and furniture for seven weeks. These incidents underscore the cascading effects cyber attacks can have – not only on businesses but also on customers and the broader economy.

Kavanagh emphasized that cyber threats extend beyond corporate disruption, noting their potential to cause widespread societal impact. He referenced the HSE cyberattack of 2021 as a stark example of how critical services can be severely affected, with patients and healthcare systems facing significant consequences.

The increasing use of artificial intelligence by cybercriminals is further intensifying the threat landscape. Advanced tools are enabling more sophisticated fraud schemes and attack methods, raising concerns about the speed and scale at which cyber incidents can occur. As a result, financial services firms are under growing pressure to enhance their defenses and remain vigilant against evolving tactics.

Kavanagh stressed that addressing cyber risk is a shared responsibility across consumers, businesses, and regulators. As cyber threats become more frequent and complex, maintaining awareness and investing in robust security measures will be essential to mitigating their impact.

In parallel, findings from Vodafone highlight rising concerns among Irish SMEs, particularly around mobile security. Approximately 70% of small and medium-sized enterprises reported increased concern about attacks targeting mobile devices compared to the previous year. However, more than 40% of these businesses continue to allow unrestricted access to company systems on personal devices, exposing organizations to additional risk.

As cyber threats continue to evolve, Irish financial services firms are balancing confidence in their preparedness with the urgent need to strengthen defenses. The growing focus on cybersecurity resilience reflects a broader industry recognition: operational stability in 2026 will depend heavily on the ability to anticipate, withstand, and respond to increasingly sophisticated cyber attacks.

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