Cybercrime is outpacing cybersecurity and generates more illegal cash than drugs, an Oireachtas committee has heard.
Pat Larkin, Chairperson of Cyber Ireland warned that the growth of Artificial Intelligence (AI) will have a "phenomenal" impact on cyberthreats - and not in a good way.
"If you consider the potential impact of artificial intelligence on the attacker side", the cyber landscape could become far more dangerous, the Joint Committee on Transport and Communications heard.
The cybercrime economy is already larger than the illicit drug trade, Mr Larkin said.
It is growing by 15% annually, with the cybersecurity market tailing at 12%.
"We've got to think really big here", he told the committee.
Globally, Ireland is "seen very much as a laggard" in cybersecurity, Mr Larkin said, warning that this has an impact on the digital sector which looks closely at security when deciding where to invest.
Ireland has an advantage where it comes to producing cybersecurity systems, due to the lack of a military-industrial complex or national security agenda, he noted.
"Anything we produce here is unquestionably pure and has no back door", Mr Larkin said.
Along with skilled personnel, Ireland has "a trust opportunity" in what is a rapidly growing market.
Cyber Ireland has been surviving on "meagre funding streams" since it was founded in 2019, he said.
If it is designated as one of five expert clusters which are being established, that would change as avenues to more funding would open up.
