Compliance Institute survey highlights concerns over unreported security incidents in financial services
More half of compliance professionals in Ireland believe that data protection breaches continue to go unreported within organisations, according to a new survey by the Compliance Institute.
The Compliance Institute survey, which polled 150 professionals working primarily in Irish financial services organisations nationwide, found that 51% of respondents believe that, to varying extents, some breaches go unreported.
Of these, 19% said that many breaches may go unreported, while 32% said a few breaches may go unreported.
Although perceptions have shifted slightly since Autumn 2023, when a greater number of respondents (65%) to the same survey said they believe data breaches go unreported, the representative body said that this year’s findings indicate that concerns around unreported breaches remain a prominent feature of the sector.
“Even in organisations with strong compliance cultures, there is a real risk that some breaches are not reported. The fact that over half of compliance professionals believe breaches go unreported is a reminder that vigilance is required at every level,” Michael Kavanagh, CEO of the Compliance Institute, said.
“Perceptions of unreported breaches are not just a reflection of organisational culture, they point to structural challenges in compliance processes. Staff may hesitate to escalate incidents due to fear of personal consequences, and without clear reporting protocols, even unintentional underreporting can occur. This leaves both organisations – and the individuals whose data they handle – vulnerable,” Kavanagh commented.
“Organisations must ensure that breaches are promptly identified, reported and investigated. Unreported breaches can have serious consequences, including regulatory action, reputational damage and exposure of sensitive data. Transparency and accountability are critical to building trust and ensuring compliance,” he added.
The Compliance Institute emphasised that reporting breaches promptly not only meets regulatory obligations but also allows organisations to learn from incidents and strengthen their data protection measures.
Compliance Institute is the professional body for compliance professionals. With more than 3,850 members, it is the premier provider of education and professional development in compliance offering the largest suite of compliance programmes anywhere in the world which includes the Professional Certificate in in Data Protection leading to the CDPO designation (Certified Data Protection Officer). The Institute provides a balanced and authoritative voice on matters relating to regulatory compliance and business ethics in industry in Ireland.
Patryk Goron
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