Irish Compliance Professionals Highlight Underreporting of Data Breaches in Financial Sector A recent survey by the Compliance Institute reveals that over half of compliance professionals in Ireland’s financial services sector believe data protection breaches frequently go unreported. The poll, which included 150 compliance experts, found that 19% suspect “many” breaches are concealed, while 32% believe “a few” incidents slip through the cracks. Michael Kavanagh, CEO of the Compliance Institute, warned that even organizations with robust compliance cultures face risks of underreporting. While 49% of respondents dismissed the idea of knowingly unreported breaches, 33% acknowledged that intentional failures to disclose remain a concern. Key reasons for underreporting include: - Fear of personal accountability (26%) - Concerns over brand damage (22%) - Regulatory scrutiny or penalties (19%) Kavanagh emphasized that these perceptions reflect deeper structural issues, where employees may avoid escalating incidents due to fear of repercussions. Without clear reporting protocols, unintentional underreporting can leave organizations and the individuals whose data they handle exposed to regulatory action, reputational harm, and further security risks. The Compliance Institute stressed that prompt breach reporting not only fulfills legal obligations but also enables organizations to improve data protection measures. The findings underscore the need for transparency and accountability in compliance processes.