Cybercrime will be worth €5 trillion in two years, security body claims

Jacky Fox, Cyber and IT Forensic Lead, Deloitte; Dr Eoin Byrne, Cluster Manager, Cyber Ireland and Minister David Stanton pictured at the official launch of the Irish Cyber Security Cluster, Cyber Ireland. Picture: Daragh Mc Sweeney/Provision

The new national cybersecurity body that will be led out of Cork has been launched with a warning that cybercrime is expected to be worth almost €5 trillion in two years.

Cyber Ireland, which will be spearheaded by Cork Institute of Technology and backed by the IDA, brings together industry, academia and government to combat the fast-growing cybersecurity threat.

Junior Justice Minister David Stanton said the new body would "help to ensure that Ireland remains at the forefront of this fast-growing and strategically important sector".

By 2021, the value of cybercrime damage is expected to hit $6trn (€4.85trn) annually, or around 10% of the world economy, according to industry magazine Cybersecurity Ventures.

Cyber Ireland's board will be made up of senior industry representatives from McAfee, Forcepoint, IBM, JRI America, HPE, Ward Solutions and Qualcomm,

It will also include academics and researchers from CIT, University of Limerick and UCD, as well as the IDA, Enterprise Ireland and the National Cyber Security Centre. It will be managed by Eoin Byrne of CIT.

Vice-chair of the board, Jacky Fox of Deloitte, said the new entity "will work to ensure the country makes the most of the potential for new job creation and innovation by addressing key challenges around skills needs, enhancing research and innovation".

She said Cyber Ireland would allow the Republic to compete with the likes of the UK, the Netherlands, Estonia, and Israel.

Cyber Ireland has already engaged with over 90 companies, 15 academic organisations and 13 government agencies in the sector, through meetings and three cluster initiation workshops held in Cork, Galway and Dublin in February.

These organisations now have the opportunity to register and become members of the cluster to benefit from the range of initiatives and activities being undertaken over the coming 12 months at

Most Read in Business