Dr Nicola Stokes
Chief Technologist International Financial Services, IDA Ireland
Cybersecurity is fast evolving. Learn how cyber fusion centres revolutionise threat detection and response for businesses globally, plus the crucial role Ireland plays.
A recent Deloitte survey of financial services companies found that cybersecurity functions are increasingly focusing on business impact and risks, not just technology challenges. This shift reflects cybersecurity’s growing strategic role for businesses. This is also manifesting itself in the establishment of cyber fusion centres (CFCs).
What are cyber fusion centres?
CFCs take a holistic, multidisciplinary approach to safeguarding company security by merging traditionally independent security and risk units under a single entity. This creates the synergy required to detect and respond to sophisticated security threats, 24/7, 365 days a year.
CFCs have been described as the next evolution of the Security Operation Centre that typically focuses on the IT security vertical. The fusion centre originated after 9/11 in the US to facilitate intelligence sharing among federal and state agencies, plus local law enforcement, aiming to prevent similar attacks.
Foreign direct investment (FDI) supports 71% of employment in the Irish cyber sector.
Cross-platform cyberattacks exploit gaps
Modern cyberattacks exploit cross-platform vulnerabilities, targeting gaps between physical and IT security systems, as well as other operational units, to infiltrate organisations. For example, in the months leading up to a cyber-attack, it is not uncommon to log attempted breaches of physical infrastructure.
Similarly, the MOVEit data breach in May 2023 showed the importance of taking a cyber lens to vendor management. This commonly used file transfer protocol had gained the trust of thousands of companies across diverse industries. This attack alone has impacted over 2,700 organisations and exposed the data of about 95.7 million individuals.
CFCs provide the collaborative, intelligence-sharing infrastructure to help global corporations join the ‘cybersecurity dots’ by simultaneously enhancing attack prevention and recovery across every aspect of the business.
Opportunities in cyber FDI
According to Cyber Ireland’s Annual Survey 2023, foreign direct investment (FDI) supports 71% of employment in the Irish cyber sector. IDA client activity, particularly in the international financial services sector, has been growing rapidly in recent years. Irish FDI sites lead in securing the future of payments, digital banking, investment management and insurance.
Ireland may not be known for its sunny climate, but its high-calibre tech, R&D talent base and geographic position make it a top location for optimal cyber coverage within the follow-the-sun model.
IDA Ireland is working with existing and new clients to help drive these strategic cyber fusion investments. This effort aims to make Ireland a global player in data, cloud and AI-enabled cybersecurity resilience across industries.
