According to the 2019 Financial Breach Report, financial services organizations are increasingly targeted by cybercriminals, and these breaches are putting peoples’ personally identifiable information at risk. In 2019, 6% of all data breaches impacted financial services organizations, including the Capital One breach that impacted 6 million Canadian and US customers.
However, despite the relatively small fraction of organizations breached, the industry accounted for 60% of all leaked records, with hacking and malware serving as the top cause for these breaches. Financial services organizations collect and store peoples’ most sensitive information, so any failure in this sector can have devastating consequences.
For companies, this new reality is manifesting in their bottom lines. The average cost of a stolen financial services record reached $210 in 2019, second only to the cost of a compromised healthcare record. Fortunately, preemptive measures like phishing scam avoidance training and network analysis can help ensure that cybercriminals can’t capitalize on stolen data.
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However, despite the relatively small fraction of organizations breached, the industry accounted for 60% of all leaked records, with hacking and malware serving as the top cause for these breaches. Financial services organizations collect and store peoples’ most sensitive information, so any failure in this sector can have devastating consequences.
For companies, this new reality is manifesting in their bottom lines. The average cost of a stolen financial services record reached $210 in 2019, second only to the cost of a compromised healthcare record. Fortunately, preemptive measures like phishing scam avoidance training and network analysis can help ensure that cybercriminals can’t capitalize on stolen data.
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