carbanak attack, which targeted the money processing services, atms and bank accounts of over 100 banks worldwide over a period of two years and may have led to up to $ 1bn being stolen. the risk / reward trade - off for cybercrime is very attractive. cybercriminals know there is a low likelihood of being detected, caught or prosecuted and many attack strategies can be executed cheaply. this has led to a substantial broadening of the attacker base. due to the proliferation of the cybercrime - as - a - service business model, the cybercrime industry is no longer just the domain of highly skilled it people. now a relatively low - skilled cybercriminal can cause significant damage. irrespective of size, cybercriminals can use a variety of approaches, some highly technological, such as exploiting previously undiscovered defects in computer software, some relying on human error, such as deception of employees or spear - phishing. it is this human element to which i now turn. employee risk : insider - threat and human error people can be the most vulnerable and unpredictable part of a firm ’ s tech infrastructure. there are two main types of employee driven cybersecurity risk : insider - threat and human error. disgruntled current and ex - employees can be a significant source of security risk due to their knowledge of firms ’ systems and data assets. they may have a strong personal motivation to damage the firm or hold it to ransom. while security or it staff might be the obvious cases, other examples include staff with access to valuable intellectual property, senior management or sales staff with client data. financial firms have long managed the risk of employee fraud through separation of duties, two - person authorisation and access limitations. similar controls around high - value data and systems are needed. bis central bankers ’ speeches for instance, firms have to ensure that access rights are reconfigured when an employee leaves or moves internally. firms should ensure that employees have at any moment only the access rights they need to carry on their job. accidental and / or non - malicious employee security breaches accounted for around 25 % of data breaches in 2013 and 2014. often the breach occurs for well - intentioned reasons such as an employee wanting to work on something from home and sending a document to their personal email or copying data onto a usb drive, or when employees use external systems or software. if an it system cannot give employees

a critical factor since the very open nature of the irish economy makes it particularly vulnerable to shocks emanating from abroad. since last year ’ s financial stability report, the world economy has continued to withstand shocks and maintain momentum. the pace of global economic growth strengthened further in the first half of 2006, and global growth has remained strong in the third quarter. in the euro area, following a spell of weakness in the latter part of 2005, activity has gathered strength in 2006. asia has experienced extremely strong growth, led by china and india, while in japan, the economic recovery continues to strengthen. the us economy expanded very strongly in the first quarter of 2006, but growth has slowed fairly significantly there since then. risks to the irish economy i would like to refer briefly to the risks which could pose problems for the financial system if they were to materialise. the main downside risks from the domestic environment continue to be, first, the disproportionately large dependence of the economy on the construction sector, which has not yet shown any signs of output returning to levels that would be sustainable in the medium - term, and secondly, the increased pressure on ireland ’ s competitiveness. the risks arising from the global economy are perceived to have increased since the 2005 financial stability report, notwithstanding the fact that global growth prospects are now somewhat more favourable. the relevant risks include volatile energy prices, global imbalances, potential adverse financial market and exchange - rate developments, the risk of inflationary pressures re - emerging and the possible fallout from the sharp weakening in the us housing market. vulnerabilties in the financial system the overall assessment of this report is that risks and vulnerabilities in the financial system may be seen to have increased since the financial stability report 2005 was published about a year ago. at that time, the major systemic vulnerabilities identified for financial stability were those arising from strong credit growth and rising indebtedness levels. this year these vulnerabilities remain, and are now combined with developments arising from higher repayment burdens and continuing uncertainty with respect to the outlook for house prices. however, the overall conclusion is that the irish financial system continues to be in a good state of health to cope with such emerging issues. the banking system overall health the stability and health of the irish banking system remain robust when assessed by the usual indicators of financial health such as asset quality, profitability, solvency, liquidity and credit ratings. the central expectation, based