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Cybersecurity Spending Cut by 30% as Fraudsters Move to Internal Threats

U.S. FIs have a false sense of security as they also have the highest rate of data breaches compared to other sectors studied.

Concerns over cybersecurity. Concerns over cybersecurity. (Source: Shutterstock)

U.S. financial institutions have highest rate of data breaches despite strict compliance mandates but security spending and encryption rates are decreasing, according to a new study from France-based tech provider Thales.

Thales, with a U.S. office in Austin, Texas, used research from global market intelligence firm Framingham, Mass.-based IDC, to reveal 62% have experienced a breach in their history, and 41% had a breach occur in the last year alone. According to the “2019 Thales Data Threat Report – Financial Services Edition,” U.S. financial services institutions are leading other industries when it comes to implementing digitally transformative technologies with nearly all (97%) surveyed claiming they use sensitive data within digitally transformative environments.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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