Tag: firms

Turning Compliance Into Opportunity: How Small Firms Can Benefit

Compliance to many a small business is viewed as a burden – a box to be ticked or as an outlay. The requirements may be overwhelming, especially in regulatory frameworks to sustainability reporting. 

However, in a strategic manner, compliance may not only be a fulfilment of legal requirements. It has the ability to open up new markets, reach out to the customers, and cement collaborations. Compliance can become a formidable growth and innovation engine in the case of small firms..

Rethinking Compliance as a Value-Add

Small business  is typically associated with cost and complexity by small businesses. Nevertheless, those organizations that develop a different mindset tend to find that compliance results in credibility. Customers, investors and partners are becoming very demanding of transparent and trustworthy businesses. Compliance does not only minimize risk but also makes a firm reliable and forward-thinking.

Competitive Advantage Through Transparency

 Transparency is being sold in a global market. Numerous massive companies today require sustainability and ethical sourcing reports of their suppliers. In the case of small companies, it is an opportunity to distinguish oneself. 

Adherence to the standards of compliance indicates a willingness to engage in the global supply chains.

 As an illustration, the compliances with sustainability standards like Scope 3 from EcoVadis can assist small businesses to demonstrate their desire to be environmentally responsible and attract bigger companies.

Driving Operational Efficiency

Compliance procedures usually have the effect of steering companies to assess and optimize their internal infrastructure. 

This may result in better efficiency. To illustrate, data protection practices not only help to be in compliance with the regulations but will also enhance customer confidence and decrease expensive breaches. 

Equally, environmental compliance can attract small companies to be energy efficient that will reduce expenditure in the long run.

Building Stronger Customer Relationships

Customers are now concerned about ethical practices and sustainability. The compliance requirements allow small business to communicate the sense to the customers that they are determined to do the right thing. This generates loyalty and trust and development of long lasting relationships.

 A business that shows concern about the social, environmental, and governance standards is likely to attract customers.

Attracting Partnerships and Funding

Investors and partners will be happy to do business with companies where the risk is minimized. Compliance will provide the guarantee that a small company is responsible. 

This credibility is potentially a gateway to new alliances, cooperation, and even a way to get access to the sources of funds that might have been inaccessible without it. 

In the case of small companies that have to compete with large corporations, this will level the ground.

Future-Proofing the Business

 Legislation is in a continuous state of development, and it is best to keep up with the current changes to make sure that the small companies are ready to face any new developments in the market. 

By being proactive in compliance, they are able to adjust fast and not to get derailed. Businesses that make compliance a part of their strategy can take the changes to innovate and flourish instead of responding to the pressure of new legislations.

Conclusion

Compliance does not necessarily have to be a burden to a small firm. Companies that accept it as a strategic opportunity are able to enhance their reputation, efficiency, and generate new growth opportunities. 

Compliance can be a driver of long-term success whether it be transparency in supply chains, earning the trust of the customer, or drawing partnerships. 

Small businesses who perceive compliance beyond a mandate will not only survive in a competitive world but they will flourish.

The Ultimate Guide to Finding Top Smart Contract Auditors

Among the most pressing concerns of blockchain technology is the reliability of smart contracts. For that reason, finding effective and trustworthy smart contract auditors can leverage blockchain technology.

These firms will guarantee that contracts are free of vulnerabilities and have been developed following best practices. Read on to explore how to identify top auditors in the field, the significance of their role, and the key factors to consider during the selection process.

Identify Reputable Auditing Firms

The first step in your search should be to look for established auditing firms with a good track record. Pay close attention to projects they have audited in the past and the feedback associated with their services. Read reviews and testimonials from other businesses that can offer clarity into the firm’s capabilities and quality of service. Take a look at any open-source audits the firm has performed; this transparency indicates their commitment and expertise in the field.

Review a firm’s credentials and experience. Reliable smart contract auditing firms will have certified professionals with industry experience and an understanding of the programming languages used in most smart contracts. This knowledge contributes to their ability to identify potential risks.

Evaluate Auditors’ Methodologies

Different firms utilize various techniques to evaluate smart contracts. Some may rely on automated tools; others employ manual review processes. A combination of both is the most effective approach to thoroughly assess potential vulnerabilities. An effective auditor should utilize industry-standard best practices. These techniques include static analysis, formal verification, and dynamic analysis.

Inquire about their approach to testing, which should include vulnerability checks and forms of penetration testing. Robust methodologies will identify security flaws and optimize contract performance. Know that the turnaround time for audits should be clarified upfront. Efficient audits should be conducted within reasonable periods so that you can proceed with your project timelines.

Review Case Studies and Audit Reports

A good way to determine the effectiveness of a smart contract auditor is by reviewing their past case studies and audit reports. High-quality audit reports provide insight into the thoroughness of an auditor’s evaluation process. They should clearly outline the issues identified, their impact, and detailed recommendations for mitigation.

If you can access reports for previous projects, you can gauge how transparent and comprehensive the auditor is. Consider the complexity and scope of projects they have worked on; if an auditor has dealt with large decentralized finance (DeFi) platforms or non-fungible token (NFT) markets, they are likely to have honed valuable expertise. A well-documented audit report can demonstrate their capacity to navigate complex smart contract issues.

Look at Security Certifications

Many auditing firms strive to achieve industry certifications related to cybersecurity, blockchain technology, or programming languages. Having these certifications can foster trust and confirm that the auditors follow stringent processes and guidelines. Certifications such as ISO/IEC 27001 denote proficiency in information security management systems.

Firms that regularly participate in industry events and contribute to security research gain credibility and visibility, allowing you to have more faith in their expertise. Look into their partnerships or affiliations within the blockchain community. Collaborations with reputable organizations or developers can provide additional trust, indicating that they are respected within the industry.

 

Assessing the credibility and skills of smart contract auditors can secure your blockchain projects. By identifying reputable auditing firms, evaluating their methodologies, and reviewing past reports, you can guarantee the integrity of your smart contracts. Finding a trustworthy audit firm is all about creating a secure and reliable space where blockchain technology can flourish.

Irish Firms Embrace Responsible AI: Adoption of Guidelines Doubles in 12 Months

In the last 12 months, there has been a notable jump in the number of financial services firms in Ireland implementing guidelines to ensure the responsible use of Artificial Intelligence (AI). New research reveals that twice as many compliance experts as last year now report that their firm has adopted such measures.

This is according to the results of a new survey by Ireland’s professional body for compliance professionals, the Compliance Institute, which polled 144 compliance experts working primarily in Irish financial services organisations nationwide.

The survey, which examined trends around AI, found that this year, 16pc of compliance professionals said that an AI governance framework (an infrastructure with clear guidelines and standards to ensure that AI technologies are used responsibly) was in place in their organisation – up from 7pc in 2024

However, the Compliance Institute survey also found that there has been a fall in the take-up of AI tools in the financial services sector over the last year, with the number of compliance professionals saying their organisation is actively trialling and/ or using AI tools falling from almost four in ten (37pc) in 2024 to just over one in four (26pc) in 2025. This suggests a more cautious approach towards the use of AI within organisations.

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

“AI is a rapidly evolving technology that has advanced at a pace few anticipated. While there are many benefits, including its ability to detect illnesses and diseases as well as weather patterns and extreme storms, its fast-growing capabilities and increasingly widespread use have raised concerns – such as privacy and misinformation issues, the potential of the technology to lead to job displacement, or even the risk of AI-altered images and videos disrupting the democratic process. While many believe AI should be embraced for the benefits it delivers, it is important too that AI is used in a safe and transparent way, and that the use and adoption of the technology is overseen so that harmful outcomes are prevented.

The increase in the number of financial services firms that have put guidelines in place to ensure AI is used responsibly in their organisation shows that there is a strong awareness in the sector of the risks of AI and a determination to ensure the technology is used responsibly.”

Groundbreaking Legislation

The Compliance Institute survey also found that three times as many compliance experts as last year are aware of the groundbreaking piece of legislation that aims to tackle the risks of AI and ensure AI is used safely and transparently – the EU Artificial Intelligence Act.

Almost one in four (23pc) compliance professionals are familiar with the legislation today compared to only 7pc in 2024. However overall, awareness of the rules is still low with just over two-thirds (67pc) of compliance experts having either limited or no knowledge of the new legislation. The poll found there has been a substantial decrease in the number of experts with limited knowledge of the new rules – down from 58pc in 2024 to 29pc in 2023. However, almost three in ten (28pc) said they were not familiar with the legislation.

Mr Kavanagh added:

“It is important that there is strong regulation of AI and this is why the new EU AI Act is so important. This regulation should ensure that AI systems are designed, developed and deployed in an ethical and trustworthy manner and that the fundamental rights, health and safety of the individual are protected while promoting responsible innovation.

While our survey shows there’s been a notable increase in familiarity with the AI Act over the last year, it is worrying that only one in four (23pc) are familiar with the legislation and that almost three in ten are not. The reasons for this lack of familiarity could simply because many compliance experts work in smaller organisations or in a specialist area that doesn’t deal with AI.  All the same, given that the AI Act entered into force on August 1, 2024 and will for the most part be fully applicable across the EU on August 2, 2026, it is important that all compliance experts get up to speed with these new rules. Non-compliance with the Act’s provisions could result in hefty fines ranging from €7.5m to €35m depending on the severity of the infringement and the company’s size.”

Other headline findings to emerge from the Compliance Institute survey include:

  • Almost seven in ten (67pc) compliance professionals say their organisation is not adopting AI tech “so far” – an increase on the 60pc who said this was the case when a similar survey was conducted in 2024.
  • While numbers were small, more than twice as many compliance professionals as last year believe that their organisation will not be using AI tools in the near future (7pc versus 3pc).
  • The percentage of organisations actively developing AI frameworks has fallen from 24pc in 2024 to 17pc in 2025.
  • The number of organisations planning to develop AI frameworks remains stable (40pc in 2025 versus 39pc in 2024).
  • The percentage of organisations that have no plans to implement AI governance frameworks has largely remained the same over the last year (27pc in 2025 versus 30pc in 2024).

Mr Kavanagh concluded:

“The findings of our survey reflect a growing awareness and action on the governance of AI across the financial services sector, though progress is still in its early stages for many organisations.”

Dell Technologies Research: GenAI a catalyst for innovation yet Irish firms struggle to keep pace with change

Generative AI (GenAI) and AI will significantly transform industries in Ireland, according to 70% of respondents to the Dell Technologies Innovation Catalyst Research.

Based on responses from 6,600 IT and business decision makers across 40 countries including 100 in Ireland, the research suggests that while there is broad optimism for AI and GenAI, the extent to which organisations are prepared for the rapid pace of change varies greatly.

71% say they are well positioned competitively and have a solid strategy in place to harness the power of AI. Moreover, nine in 10 (92%) think organisations can use GenAI responsibly.

At the same time, over half (56%) of the respondents are uncertain what their industry will look like in the next three to five years and forty-nine percent report struggling to keep pace with advancements in GenAI and other technologies. They cite the lack of the right talent (43%), lack of budget (33%) and an outdated technology environment (32%) as challenges they face in driving innovation.

To help overcome some of the challenges, fifty-nine percent of organisations are training or upskilling employees to use GenAI while six in 10 (62%) are providing AI-optimised technology to improve the work experience.

GenAI Moving from Ideation to Implementation

Respondents cite GenAI’s transformative or significant potential to deliver value in improving IT security posture (48%), enhancing the customer experience (47%) and unlocking productivity gains (42%).

More broadly, responses suggest that organisations are working through GenAI practicalities as they transition from ideation to implementation, with 75% saying they have begun implementing GenAI. As organisations increase adoption, concern centres around understanding where risks reside and who is responsible for them. Sixty-six percent agree that the organisation, rather than the machine, the user or the public, is responsible for any AI malfunction or undesired behaviour. 

Catherine Doyle, Managing Director at Dell Technologies Ireland, said: “In today’s rapidly evolving landscape, the power of Generative AI and other emerging technologies cannot be understated. Our research underscores the transformative potential of GenAI to drive innovation in every industry across Ireland. Businesses are now harnessing the power of AI to unlock the value hidden within their data, propelling growth and driving innovation forward.

“However, it’s clear that while optimism abounds, many organisations are struggling to keep pace with rapid advancements in technology. It’s vital for leaders to not only recognise the potential of GenAI but also to act swiftly in using its potential to turn ideas into tangible innovation. By leveraging the capabilities of Generative AI and investing in the right technology infrastructure, businesses can position themselves for success in this era of unprecedented change.”

The Right Technology Infrastructure will help Organisations to Succeed

The research also reveals modern data infrastructure’s critical role as technologies like GenAI gather pace and data volumes increase. Investing in a modern, scalable infrastructure was cited as the number one area of improvement for businesses to accelerate innovation. Most IT decision makers (66%) say they prefer an on-prem or hybrid model, to address the challenges they foresee with implementing GenAI.

The ability to share data across the business is also a key part of the innovation puzzle, with only 1 in 3 (33%) saying they can turn data into real-time insights today to support innovation efforts. Moreover, 95% face data management challenges. However, responses suggest organisations are acting on this challenge, with 64% saying that data is the differentiator and their GenAI strategy must involve using and protecting that data.

EY launches Global Sustainable Finance Innovation Hub in Dublin to accelerate ESG progress for financial firms

EY today announces the launch of a new Sustainable Finance Innovation Hub in Dublin to help financial institutions around the world accelerate their efforts to meet their environmental, social and governance (ESG) regulatory and reporting requirements.

EY Ireland’s existing financial services sustainable finance team will more than triple in size over the coming months with an additional 40 specialist hires planned to span the three pillars of ESG. The new hub, which will be led by EY Ireland Financial Services partner Sean MacHale, is projecting double digit growth over the next twelve months as it ramps up to meet growing client demand around the world.

The Dublin hub will be augmented by a network of individuals with deep sustainability expertise across Europe, Asia-Pacific and the US, who will come together to deliver the latest thinking and advice to clients on ESG reporting, with a particular focus on the areas of biodiversity & nature, EU regulation, international goals, among others.

Colin Ryan, EY Ireland Financial Services Country Lead, comments: “The financial services sector plays a central role in the transition to a more sustainable future and we are now significantly expanding our capacity to deliver end-to-end sustainable finance transformation services to clients in the sector. The addition of 40 specialist hires across the three pillars of ESG will see our Dublin hub become a globally significant centre for innovation in the area of sustainable financial services. The sector must comply with an increasing volume of regulatory requirements over the coming years, and many firms already face multiple deadlines this year alone. Our new hub will support firms to more effectively report on their activity and will help clients ensure that they remain compliant with the evolving regulatory environment.”

Sean MacHale, EY Ireland Partner and Financial Services Sustainable Finance Leader, says: “The requirement for tangible progress on ESG matters in the financial sector has intensified of late. Firms face pressing regulatory reporting and disclosure demands and must demonstrate transparency and accountability when it comes to the progress they are making towards Net Zero goals and positive environmental impacts in a socially inclusive manner”.

“Managing the global flow of capital means the financial sector has a unique ability to drive material positive change, and we are really proud to support firms on their continuing ESG journey.”

Fidelma Clarke, Financial Services Risk Consulting Partner, comments: “With so much activity in the area of sustainability reporting right now, it’s important that our clients have the resources they need to keep pace. We are delighted to be strengthening our long-standing commitment of delivering positive change”.

Shaun Carazzo, EY EMEIA Financial Services Climate Change and Sustainability Leader, adds: “Sustainability is a top agenda item for all financial services firms worldwide, and covers individual Net Zero transition plans all the way to the development of greener services and products. Our innovation hub demonstrates EY’s commitment to the ESG agenda and will build on our already market-leading sustainable finance advisory business. By bringing the EY network of sustainable finance talent together, we can offer a one-stop-shop to clients, and I look forward to building out the hub as we respond to demand.” 

Irish firms urged to prioritise ‘critical trio’ of cybersecurity

Ransomware defence, employee awareness training and encrypted backup of mission-critical data are the ‘critical trio’ of areas that the National Standards Authority of Ireland (NSAI) is urging firms to address during European Cybersecurity Month.

Denis Ryan, who has global responsibility for information security management certification systems with NSAI and is a certified Lead Auditor, believes that businesses must become cyber-resilient. He said: “Firms often get caught out by threats they didn’t know existed – the unknown unknowns – so it’s important to stay informed and keep upskilling your IT team so it has the capabilities to cope with whatever threats arise. Regardless of the size of your business or the sector in which you operate, cybersecurity needs to be a priority.”

Ryan was speaking at the launch of NSAI’s free webinar series for organisations interested in certification to information security management systems. The new series, featuring Ryan and other subject matter experts, is called ‘Let’s talk about information security’ and the webinars take place on October 24th, November 1st, November 30th and December 6th.

Ryan recommends that firms look at implementing best practice, so they can evolve as needed to face down emerging threats: “For those unsure of where to start, the critical trio of areas to address are ransomware defence, employee awareness training (especially for non-IT staff) and encrypted backup of mission-critical data, as you can revert to this if you have a breach.”

He added: “Continuous awareness training is vital so that all employees understand that everyone has a role to play by being able to recognise phishing attempts and following security protocols. It’s also important to factor in cybersecurity to your change management protocol, for example. How will new tools or processes affect privacy, record control and other aspects of cyber-resilience for your business?”

Other areas to prioritise, according to Ryan, include vulnerability scanning, patching, having good authentication and password management, and being able to offer incident response plans, – meaning that if something untoward happens, the firm has a plan for handling it.

He said: “For Irish businesses, being smart about cybersecurity pays dividends on multiple fronts. First, when your cybersecurity is up to date, you prevent the financial loss that comes with any breach. Cybersecurity issues such as data theft or service disruption regularly cause companies to incur significant financial losses.”

He added: “It’s a good time to plan ahead and think strategically, as the European Union will be introducing multiple new cybersecurity directives as it focuses on a new cybersecurity certification framework.”

NSAI’s ‘Let’s talk about information security’ webinars are free to attend and bookings can be made at www.nsai.ie/27001.

How to Harness the Power of Digital Marketing for Law Firms

With the rise of modern technology, digital marketing has become a valuable tool for law firms to promote their services and reach new clients. By leveraging the power of digital marketing, your firm can create powerful campaigns that will increase brand awareness and bring in more business. In this blog post, you will learn how to craft successful digital marketing strategies to help your law firm build an online presence and drive legal leads. We’ll discuss why it’s important for attorneys to establish an effective web presence through search engine optimization (SEO), content creation, social media engagement, pay-per-click (PPC) advertising, and other tactics designed specifically for lawyers. With these tips in mind, you should be able to develop efficient methods that attract prospects and generate more qualified cases!

Define Your Brand Identity and Goals 

Defining your brand identity and goals is an essential step of any digital marketing campaign for lawyers. Knowing what message you want to convey and what type of clients you are looking for will help guide your content strategy, SEO keyword research, social media posts, and other online efforts. Once you’ve established the goal of your campaign – whether it be growing visibility in search engine rankings or increasing the number of case leads – you can create campaigns that are tailored to meet those objectives. A law firm marketing budget should be allocated to both short-term and long-term goals in order to ensure consistent results. When setting these goals, remember to be realistic – if you are a small firm, it may take longer to reach the same level as larger firms. 

Create a Website That is User Friendly and Optimized for the Search Engines

Your law firm’s website should be designed with both users and search engines in mind. Search engine optimization (SEO) is a crucial part of any digital marketing strategy, so make sure to prioritize this when building your website. This means utilizing keyword-rich content that correctly uses headers, tags, titles, and meta descriptions, as well as providing an optimized website structure and fast loading speed. Additionally, you should ensure that your website is secure and easy to navigate for users. This will help improve the user experience and increase conversion rates from potential clients. 

Utilize Content Marketing Tactics That are Targeted to Potential Clients 

Law firms should have content marketing strategies tailored to target potential clients. This can include blog posts, infographics, videos, and podcasts that cover topics related to the law firm’s practice areas. Creating content that is educational, entertaining, and engaging can help demonstrate an understanding of the issues facing your potential clients and provide an effective way for them to learn more about your services. If done correctly, content marketing can help you build relationships with new prospects and establish credibility as a law firm. In order to maximize results, be sure to select formats and topics that are likely to resonate with your target audience. 

Take Advantage of Social Media Platforms 

Social media is more than just an online platform for interacting with friends and family – it can also be an effective tool for promoting your law firm. Social media allows you to directly engage with potential clients and build relationships in real-time. Additionally, by using social media platforms like LinkedIn and Twitter, you can share content from other sources that may be of interest to your target audience. This will help establish your presence on the platform as an authoritative resource for legal information, which is likely to attract more prospective clients. 

Make Use of Pay-Per-Click Advertising 

Pay-per-click (PPC) advertising is a powerful tool for law firms looking to generate more qualified leads. PPC allows you to create targeted ads that will appear in search engine results when specific keywords are used. This will help increase brand visibility and ensure that your ads reach potential clients who are actively searching for legal services. Additionally, PPC allows you to track the results of your campaigns and make adjustments as necessary in order to maximize return on investment (ROI). 

Taking the time to create a brand identity for your business and develop marketing plans around these goals can help propel you to success. Once you have a cohesive plan, it’s essential to create a website that is easy to use and optimized for organic search traffic. Additionally, content strategies such as blogging or creating explainer videos can target potential clients who are in need of your services/products. Those looking for further engagement with their clients should consider utilizing social media platforms like Twitter, Facebook, Instagram, and LinkedIn. Additionally, pay-per-click advertising can be leveraged to attract qualified leads and track the results of campaigns. By following these tips, you should be able to create a strong digital presence for your law firm that will bring in more business and generate higher revenue!

Survey Finds One in Five Firms in Ireland Experienced a Cyber Attack Last Year

Aon plc, a leading global professional services firm, today released figures that reveal that most senior business leaders in Ireland plan to increase investment in cyber security and resilience in the coming years amid the evolving cyber risks facing Irish firms.  

The survey of 228 senior business leaders from companies across Ireland reveals that 18 percent of Irish firms experienced a cyber-attack or data breach in 2022. Large companies with more than 250 employees are more at risk, with 21 percent of firms facing an attack last year compared to 9 percent of SMEs.

Companies have taken steps in the past year to strengthen their cyber resilience and preparedness, with 38 percent having enhanced their data recovery and back-up systems and 35 percent having provided cyber security training to employees. This represents a slight decrease from levels seen in 2021, when 40 percent of employees were provided with cyber security training.  

Given the ever-changing cyber landscape, over two thirds of Irish firms (67 percent) plan to invest more in cyber security and resilience in the coming years. Seventy-two percent of firms with more than 250 employees are due to increase their spending on cyber security measures.

The survey also points to the growing dominance of cyber threats on an organisation’s risk register. According to the findings, cyber is now the fourth biggest business risk facing Irish organisations today.

Karl Curran, Head of Aon’s Cyber Solutions Ireland and Nordics, said: “Our figures show that cyber resilience is very much front and centre of Irish business leaders’ concerns. As the fourth biggest risk facing Irish organisations today, and with one in five firms being disrupted by a cyber-attack last year, business leaders are acutely aware of the enormity of the risk that cyber-attacks present and the need to plan accordingly. However, far too often, successfully managing cyber risk only becomes a priority after a cyber incident has occurred. Despite the majority of Irish firms planning to invest more in cyber security and resilience in the coming years, more than a quarter of Irish business leaders don’t have any plans to invest more in cyber security and resilience in the near future.

“Amidst an increasingly complex business environment, business and IT leaders are under increasing pressure to make smart security investments. And the truth is there is no one straight line approach to cyber security. It is a continuous journey focused on building resilience.

“At Aon Ireland, we encourage leaders to review their cyber security posture and take a strategic approach to managing cyber risk that is informed by data. This begins by assessing the cyber risk landscape, identifying the ways in which your IT team can mitigate challenges, transferring risk out of the business and, when faced with a crisis, recovering with speed. By taking a data-driven, circular approach to cyber resilience, business and IT leaders can come together to make better decisions that protect the future of their organisation and its people.”

To help business leaders on this journey, Aon’s Cyber Loop is a model for sustained cyber resilience that recognises the growing concern around cyber threats and supports businesses on their journey of investment. Comprising four main stages – assess, mitigate, transfer and recover – the Cyber Loop supports business leaders to maximise return on cyber security investment and become an informed participant in managing risk.

The four main stages of Aon’s Cyber Loop are:

  1. Assess

A thorough assessment of an organisation’s cyber risks will ensure that they are better informed and in a better position to agree on an appropriate risk strategy.

  1. Mitigate

Bridge the gap between understanding the technical risk of an identified vulnerability and the related financial exposure to inform decisions that can enhance security maturity and maximise return on security investment.

  1. Transfer

Despite a rising tide in cyber governance, losses still emanate from human error, system failure or security failure. Aon’s experts help businesses to identify, quantify and transfer cyber risk into the insurance market.

  1. Recover

Aon’s team of experts are experienced in maximising possible recovery of costs and working towards a cashflow neutral position.

To learn more about Aon’s Cyber Loop, visit https://www.aon.com/cyber-solutions/thinking/the-cyber-loop-a-model-for-sustained-cyber-resilience/.

32% of firms in Ireland say they are “not prepared at all” for a Cookie-less future

32% of firms in Ireland say they are “not prepared at all” for a future which will preclude them from using 3rd party cookies. In March of 2021, Google Chrome, the world’s biggest browser, announced the phasing out of third-party cookies, which are a key component of online advertising, and enable a company to effectively target particular audiences for their products or services. By late 2023, third-party cookies will no longer be supported on the search engine.

The Compliance Institute, who rolled out a survey of 144 compliance professionals within Irish organisations nationwide, say the results speak to a severe lack of communication between the two departments that will play the most crucial roles in ensuring that businesses successfully adapt to the new changes, namely the compliance and marketing departments. The lack of collaboration between the two could very well prevent the organisation from fulling its regulatory duties and meeting the requirement of data protection legislation.

Further highlights from the Compliance Institute Cookie Survey reveal:

  • 6 in 10 say compliance and data protection teams within their organisation do not have a clear understanding of how 3rd party cookies are used within the organisation
  • 46% say the compliance function within their organisation has little to no involvement in aspects of marketing such as first & third-party cookies and data capture

Speaking of the findings, Michael Kavanagh, CEO of Compliance Institute ,

“The findings highlight a sharp knowledge gap that exists within compliance and data protection departments of Irish organisations, and it seems that this is largely due to a communication blockage with the people in the business that are at the forefront of this type of data collection and utilisation i.e. those whose expertise and responsibility lies in marketing.

Major changes are coming down the tracks and there will be no getting around this. All organisations will be forced to change their practices, and find other ways to collect information needed to research the market and target key audiences while keeping within the boundaries of data protection laws.

But it is very hard to see how the GDPR requirement for data protection by design and default is being effectively implemented if nearly 6 in 10 respondents have little or no involvement in first- and third-party data strategies and data capture, and 32% have no involvement at all in the development of alternative strategies.

There is no way that these organisations can effectively prepare for the changes, unless they change their strategy and allow for and enable much clearer lines of communication.

Marketers need to do more to engage with their compliance colleagues. And compliance teams need to take the time to get to understand, what is, a fundamental part of their business, and one with a high potential risk for GDPR breaches”.