Warning that Ireland's FDI at risk if cyber security not taken seriously

Forensic analysis remains under way at Munster Technological University (MTU) to assess the extent of stolen data taken during a major breach that has seen data published on the dark web. Picture: Larry Cummins

Ireland risks losing massive amounts of the foreign direct investment on which it depends, if it does not start taking cyber security seriously.

It comes as a forensic analysis remains under way at Munster Technological University (MTU) to assess the extent of stolen data taken during a major breach that has seen data published on the dark web. 

Further and Higher Education Minister Simon Harris told the Dáil on Wednesday that the full impact of the attack and what details have been published on the dark web was not yet known. “If anyone has been impacted, staff or students, they will shortly receive a specific letter of contact from MTU.”

Independent senator Gerard Craughwell, who established an expert group on cyber security following the HSE ransomware attack in 2021, warned  Ireland's approach to cyber security could threaten its corporate tax, which is largely derived from foreign direct investment (FDI). 

Ireland is roughly making €2.5bn a month in corporate tax at the moment, Mr Craughwell said. "A massive amount of that FDI is in the software area — Twitter, LinkedIn, Facebook — they’re all here." 

If there was ever a serious cyber attack on one of those companies and we — Corporate Ireland — was responsible for negligence somewhere along the line, they will all walk.

"They are footloose industries, they have no capital infrastructure here — everything they have is leased — leased offices, leased furniture — they have no commitment to the country other than to the skillset we have on offer.

“Near Cork, 95% of all of the data between the east and west — between the US and Europe — is passing through our sea and we have no way of protecting that. We have no idea what’s going on in our sky and we have not to date taken cyber security seriously." 

Mr Craughwell said he admired Richard Browne, the new director of the National Cyber Security Centre, and that "there are things happening there."

“But we are still so far behind the curve that we are in a very dangerous place," he added. 

In the Dáil on Wednesday, Fianna Fáil TD for Cork North-West Aindrias Moynihan called on Mr Harris to outline the extent of the attack at MTU, and if people's personal details had been compromised.

“There’s some 13,000 students at present, and over 1,000 staff. People have been outlining concerns about the publication of their data,” Mr Moynihan said.

In response, Mr Harris said cybercrime and cyberterrorism were “an ever-present and growing threat to the safe operation of our institutions.”

MTU is working closely with the National Cyber Security Centre in relation to the breach, he added. 

“MTU staff and students that may have been affected will now receive specific communications from MTU and all have been advised to remain extra vigilant to any potential phishing attacks by email or SMS or by any other unsolicited communications.”