A special report from The Irish Times declares cyber fraud is big business.
According to Cybersecurity Ventures, global cyber fraud and cybercrime were on track to cost a staggering $10.5 trillion (€9.15 trillion) in 2025 and to grow to $12.2 trillion (€10.6 trillion) by 2031.
Meanwhile, the World Economic Forum Global Cybersecurity Outlook 2026 reports that cyber-enabled fraud is among the most prominent cyber risks facing organisations.
“While organisations continue to invest in cybersecurity, fraudsters are adapting just as quickly, using convincing impersonation, social engineering and AI-generated content to target employees, suppliers and customers alike,” says Ciara Weldon CIP, senior technical underwriter with specialist commercial and personal insurance solutions firm Hiscox Ireland.
According to PwC Ireland cybersecurity practice director Soumyadipta (Shomo) Das, cyber-enabled fraud is essentially old-fashioned deception supercharged by technology. “Cybercriminals use email, messaging platforms, fake websites, stolen credentials and social engineering to trick people into making payments, handing over data or giving access to systems,” he says.
To put it simply, this is old fashioned deception supercharged by technology, namely the rise in AI tools.
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