Iran’s cyber-attacks on Irish-based companies and the ongoing impact of conflict in the Middle East

·48 min·4 clips

Iranian interests are targeting American companies based in Ireland with cyber-attacks, while Middle East conflict disrupts global trade.

The episode opens with host Ciarán Hancock introducing the topics: the anniversary of Donald Trump's Liberation Day tariffs and Iranian cyber-attacks on US companies based in Ireland. In the first interview, Aidan Marr, EY partner and co-head of geopolitical strategy, explains that Irish exporters, especially in pharma and tech, built large US stock buffers to manage tariff uncertainty. He details current 10% temporary US tariffs under Section 122 and pending sectoral tariffs on pharmaceuticals. Marr links Middle East conflict to market volatility, noting Trump's aim to end it within weeks due to domestic unpopularity. He outlines recession risks if oil hits $130-$150 per barrel for sustained periods, with supply chain disruptions causing logistics cost premiums. Marr confirms Iranian cyber-attacks on American companies in Ireland, advising clients to strengthen IT security. He suggests pivoting to new markets like India and Australia despite challenges. The second interview features Declan Bulger, CEO of Irish Life Group. He discusses managing €120-130 billion in assets, emphasizing long-term investment strategies during market turmoil from the Middle East conflict. Bulger explains auto-enrollment pensions, which have brought about 800,000 people into coverage, with contributions building to over 12% in four to five years. On health insurance, he cites treatment cost increases (e.g., hip replacements up 30%) and more claims driving multiple premium hikes, including a 5.9% average rise in April. Bulger critiques the complexity of health insurance plans and advises customers to shop around. He welcomes Simon Harris's proposed tax-friendly savings scheme, stressing it must be simple and not seen as only for the wealthy. Bulger describes Irish Life's use of AI for claims processing and customer service, aiming to free staff for higher-value tasks. He concludes that Ireland's diversified economy offers resilience against potential global recession.

As heard by us

A focused look at how tariffs, cyber risk, pensions, and premiums are shaping Ireland's financial outlook.

Inside Business ties geopolitical risk to the financial choices that bring it home in Ireland. Ciaran Hancock speaks with Aidan Marr of EY's geopolitical strategy team about Donald Trump's Liberation Day tariffs, the pressure on Irish exporters and global trade, market turmoil,…

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You get Trump's tariffs, Iranian cyber-attacks, pensions, health insurance premiums and AI in one Irish business briefing.

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