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Study: Breaches More Damaging to Financial Firms Than Other Sectors

Banks and credit unions are particularly vulnerable to cyberattacks, a new study finds.

Despite financial services firms suffering only 6% of all 2019 breaches the incidents caused more damage to financial organizations than other sectors, accounting for more than 60% of all leaked records. 

That was one of the revelations from the 2019 “Financial Breach Report,” from Campbell, Calif.-based Bitglass, which supplies cloud security solutions. The report analyzed the latest security trends, the largest breaches and the top threats facing the financial industry. 

This year’s study found in total, financial services organizations had 61.4% of all leaked records partially due to the Capital One mega breach, which compromised more than 100 million records alone. Despite this outlier, average breaches in financial services companies still tend to be larger and more detrimental than other sectors’ breaches. Breaches to finserv organizations exposed far more records than the average data breach in healthcare (23.6%), government (2.2%), education (1.4%), and business 11.1%.

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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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