Ahead of Ireland’s upcoming Presidency of the Council of the European Union, business leaders flag rising cyber threats and mixed economic sentiment.
Irish business leaders see Ireland’s upcoming Presidency of the Council of the European Union as a pivotal moment to strengthen competitiveness, while also anticipating an increase in cyber risk, according to new research from the Institute of Directors (IoD) Ireland.
The survey of 358 directors and senior executives, carried out in June, shows that competitiveness ranks as the single most important priority for business leaders as Ireland prepares to take on a leading role in the EU.
“Increased international focus on Ireland brings heightened exposure to risk, particularly in the area of cybersecurity”
The finding aligns with the Government’s ambition to enhance Europe’s economic performance and global standing during the Presidency.
At the same time, heightened international visibility is raising concerns among boardrooms. Some 46% of respondents believe cyber threats to their organisations will increase over the course of the Presidency. Critical infrastructure and high-profile organisations are viewed as particularly exposed during this period of increased attention.
Cautious outlook
The IoD Ireland Risk and Business Confidence Snap Poll captures sentiment from a broad cross-section of the organisation’s membership, including chairpersons, chief executives, non-executive directors and senior executives across sectors such as financial services, professional services, multinationals and the public sector.
The data points to a wider sense of caution among business leaders around the domestic outlook. Almost half of respondents, 48%, believe Government performance has negatively affected consumer confidence.
While more than half, 51%, say they are somewhat confident in the management of public finances, 32% express a lack of confidence and only 16% describe themselves as very confident.
The outlook for business performance in the second half of the year is similarly mixed. Just under a quarter, 23%, say they are more optimistic about their organisation’s prospects from July to December, while 29% report a more pessimistic outlook.
Caroline Spillane, CEO of IoD Ireland, said the findings highlight both the opportunity and responsibility facing Ireland as it assumes the EU Presidency.
“Our latest survey underlines a clear message from Ireland’s business leaders and boardrooms: the EU Presidency represents a critical opportunity to strengthen competitiveness at both a national and European level,” she said.
“At the same time, increased international focus on Ireland brings heightened exposure to risk, particularly in the area of cybersecurity. Ireland’s Presidency of the EU brings an important opportunity to champion policies that safeguard cyber resilience, enhance competitiveness, support sustainable growth, and strengthen confidence at both business and consumer level.”
Spillane added that the survey results reflect a need to maintain economic stability and trust during the Presidency.
“The new findings also show a degree of caution from business leaders around consumer confidence and the management of public finances. This underlines the importance of maintaining economic stability and building trust as Ireland takes on a leadership role within the EU,” she said.
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