Latest news with #InterTradeIreland
RTÉ News
2 days ago
- Business
- RTÉ News
All-island cybersecurity sector worth €3.2 billion
A new report has found that the all-island cybersecurity sector generated an estimated €3.2 billion and contributed €1.5 billion in gross value added (GVA) in the most recent financial year. The research was commissioned by Cyber Ireland and NI Cyber, with support from InterTradeIreland's Synergy Programme, and produced by Perspective Economics. It found that the all-island cybersecurity sector is among the largest in Western Europe, comprising 632 firms and employing 10,600 people. According to the report, Irish firms alone have seen revenue growth of 13.4% annually over the past two years. The study also highlights that the all-island cybersecurity sector benefits greatly from the presence of multinational companies, as well as indigenous enterprises, with 41% of firms headquartered in Ireland and 7% in Northern Ireland. However, the report found that barriers remain for the industry with policy gaps, procurement challenges and security clearance issues hindering cross-border collaboration. In a bid to deepen cross-border collaboration and unlock new opportunities, Cyber Ireland and NI Cyber have announced a memorandum of understanding (MoU). It outlines key shared goals to align with both clusters' strategic priorities, including enhancing cross-border connections, supporting industry-academic research and development collaboration, and raising the international profile of the all-island sector. "Cybersecurity is not just a technological issue, it's a strategic economic opportunity," Cluster Manager at Cyber Ireland Eoin Byrne said. "This report demonstrates the strength of the all-island cybersecurity sector and the huge potential to improve our cyber resilience and drive economic growth by working together." "The signing of the MoU between Cyber Ireland and NI Cyber is a major step forward in that journey," Mr Byrne added. Cluster Manager at NI Cyber Joanne English said that cybersecurity threats do not stop at borders. "Through enhanced collaboration, we can boost innovation and better support our companies and communities. "This report and its findings highlight the opportunity for our respective clusters," she added. Director of Innovation and Entrepreneurship at InterTradeIreland Alison Currie described cybersecurity as a critical and vital consideration for all businesses. "This report, funded by our Synergy programme, will benefit all businesses across the island of Ireland as they strive to collectively improve their cybersecurity preparedness, support their digitalisation processes and reduce their risk of cyber-attacks," Ms Currie said.
Irish Times
08-05-2025
- Business
- Irish Times
Ulster Bank is on track to return its banking licence
Ulster Bank is on track to return its banking licence in the Republic in the coming months after 165 years in the market, following the transfer of unclaimed customer deposits to a trust, according to sources. The bank, a unit of NatWest Group, may hand back the licence to the Central Bank of Ireland as early as next month, though the timing could drift into the third quarter, the sources said. Joe Brennan has the details. Ireland has strong potential to develop 'a globally competitive offshore wind supply chain , if efforts are aligned on all-island basis, according to a report commissioned by InterTradeIreland (ITI). Completed by Everoze energy consultants, it highlights the scale of the economic opportunity in offshore wind for small and medium businesses, if supported by coherent policy objectives by governments in both jurisdictions, Kevin O'Sullivan reports. READ MORE We should expect more of the kind of cyber security breac h that hit M&S and not just because of the shortage of skilled IT professionals. The current macro conditions are ideal for emboldening both high grade professional hackers, like the Scattered Spider group being blamed for the M&S hack, and state level actors, writes Emmet Ryan in his column. Goodbody Stockbrokers, Cantor Fitzgerald, the Irish Aviation Authority, and Uniphar's Allcare and Hickey's Pharmacy groups were among the 25 companies that reported the highest median hourly pay gap between the male and female employees last year, according to data collected by Under the Gender Pay Gap Information Act , companies with more than 150 employees are required to create and publish a report outlining their gender pay gap across a number of metrics, writes Hugh Dooley. The Spanish government is taking the unusual step of opening a public consultation on a banking takeover that would lead to the merger of two of the country's biggest lenders, Cantillon tells us, whilst also saying that there are perhaps two ways of looking at the Department of Finance's latest warning over corporation tax: good and bad. Cantillon also notes the ongoing difficulties at C&C. As in life, the important things in business aren't always the most exciting. You hardly get a thrill from doing the bins or making sure you lock the door behind you on the way to work. Yet, like the peace of mind these acts give, a solid backup strategy is vital for any company's tech infrastructure , writes Emmet Ryan. Samsung's recently released mid-range smartphone not only looks like a high-end phone, it largely acts like one too. It comes with an OLED screen, something that would have been unthinkable until relatively recently. Ciara O'Brien reviews the Samsung Galaxy A56 . The boss of Marks & Spencer told shoppers last Friday that the retailer was working 'day and night' to fully restore its operations and 'get things back to normal as quickly as possible' following a cyber attack that started a fortnight ago and has wiped more than £600 million (€705 million) off its value. Laura Onita reports on its ongoing woes. Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
08-05-2025
- Business
- Irish Times
Ireland has strong potential to develop globally competitive offshore wind supply chain, says report
Ireland has strong potential to develop 'a globally competitive offshore wind supply chain', if efforts are aligned on an all-island basis, according to a report commissioned by InterTradeIreland (ITI). Completed by Everoze energy consultants, it highlights the scale of the economic opportunity in offshore wind for small and medium businesses, if supported by coherent policy objectives by Governments in both jurisdictions. The report was commissioned in the context of exceptional global wind resources off the shore of the island, commitments on net-zero carbon emissions, and ambitious targets for scale-up of renewables. For the first time, it details an all-island picture of firm-level capability, mapping more than 160 companies across 12 supply chain sectors. READ MORE Published on Wednesday, it identifies complementary strengths in areas such as engineering, logistics, vessels and cables, while highlighting the economic value of cross-Border collaboration and establishing 'regional industrial clusters'. It also details, however, challenges such as infrastructure capacity and skills shortages, while 'fragmented policy landscapes must be addressed'. These are best tackled through action on an all-island basis to ensure local firms can fully participate in 'this once-in-a-generation opportunity', it says. In tandem with scaling up renewables, the report finds there is a significant opportunity to establish supply chains for green hydrogen that 'will likely materialise after 2030 in a meaningful way' – with its export being the most likely route to viability. Everoze highlights the need for 'a floating wind demonstrator' offshore facility to show how the technology can operate further out to sea, and to establish large industrial hubs close to key developments and ports used for operations and maintenance. Along with building supply chains, it calls for supports to enable rapid expansion of grid infrastructure, reinforcement of the electricity network and availability of long-duration battery storage. 'This is the first time that SME capability in the renewable energy sector has been mapped across the island,' said ITI chief executive Margaret Hearty. 'There is a real opportunity for indigenous SMEs to enter the supply chain, which can be fully realised by working together . . . There are a number of recommendations that we, working with partners can help deliver, including supporting SME engagement through cluster development, procurement guidance, skills alignment and R&D collaboration across the island,' she added. The report will support ongoing efforts to build a successful offshore wind energy industry, said Minister for Enterprise, Tourism and Employment Peter Burke. 'The Government is committed to accelerating investment, both public and private, to ensure we have the conditions in place to achieve the energy transition, while also ensuring the competitiveness of the Irish economy.' Minister for the Economy of Northern Ireland Caoimhe Archibald said a decarbonised energy system presented huge economic opportunities for the North in delivering 'secure, affordable, clean energy'. She said her department was committed to working across Government, the energy sector, business and academia, as well as partners across the island in delivering the opportunities detailed in the report. Drawing lessons from international leaders such as the port of Esbjerg in Denmark, the report sets out a strategic roadmap focused on supporting collaboration, developing a robust local supply chain, aligning research and development, and building skills capabilities, said Paul Reynolds of Everoze. 'The recommendations outlined in this report will help InterTradeIreland and its partners to support cross-Border collaboration and maximise the opportunities for SMEs in the renewable energy sector across the island.'
Business Post
08-05-2025
- Business
- Business Post
New report finds ‘significant' opportunities for Irish SMEs in offshore energy
Energy New report finds 'significant' opportunities for Irish SMEs in offshore energy Megan O'Brien 05:00 A new report commissioned by InterTradeIreland highlights the scale of the economic opportunity in offshore wind for SMEs across the island of Ireland. Picture: InterTradeIreland
The Independent
11-04-2025
- Business
- The Independent
Working group to assess impact of trade tariffs on Northern Ireland businesses
A working group has been established by Stormont Economy Minister Caoimhe Archibald to assess the implications of US tariffs and any countermeasures on Northern Ireland businesses. Ms Archibald said the group will help shape the devolved powersharing Executive's response to the impact of trade tariffs. US President Donald Trump announced on Wednesday that he would delay huge tariffs on certain nations for 90 days. The US had announced a 20% tariff for the EU, which would have applied to Ireland, and a 10% rate for Great Britain and Northern Ireland last week. Hours after this came into effect on Wednesday, Mr Trump announced tariffs would be lowered to 10% on nations that had not retaliated, which included the EU. As part of post-Brexit trading arrangements, Northern Ireland remains in the EU single market for goods and would be impacted by any EU retaliatory tariffs on goods imported from the US. Ms Archibald said the new group would work with officials from her department, Invest NI and InterTradeIreland to provide 'market intelligence'. She said its work will include insights on emerging issues, case studies, sector-level information, views on wider economic impacts, and interventions required. The minister said members had experience from across the main US-NI tradable goods sectors. The group will be made up of Stuart Anderson from NI Chamber, Nichola Mallon from Logistics UK, Stephen Kelly of Manufacturing NI and Claire Sullivan from the CBI. Ms Archibald said: 'The introduction of tariffs by the US administration has created much uncertainty and concern for businesses, workers and their families. 'Indeed the potential impact on exports from our main sectors is considerable. 'The purpose of this group is to provide regular updates on the developing trade situation and its impact on the north's businesses and to shape our response and the interventions required at different levels of government. 'In addition to the engagement I have had with the British and Irish governments, this week I met with a wide range of business, industry and union representatives on the US tariffs. 'As feedback is received from the working group and the situation evolves, this engagement will continue.' Participation in the working group is on a voluntary basis and will not be remunerated.
