As each year passes, cybersecurity becomes more important for businesses and agencies of every size, in nearly every industry. In 2020, ransomware cases grew by 150%, and every 39 seconds, a new attack is launched somewhere on the web. A data breach also causes rising costs in banking and finance.
What Happens in a Banking and Finance Data Breach?
Data breaches can come in all shapes and sizes. All of them could lead to financial loss. Some recent changes have made this worse: the shift to digital financial records, mobile banking and heavy reliance on cloud services. Those give openings to cybercriminals looking to profit from the sensitive financial information of their clients.
Cybersecurity in banking can be a challenge since many financial institutions have to tighten their budgets on IT spending. Therefore, banking and finance data breaches often happen. They might also stem from poorly secured third-party apps or a lack of proper user authentication protocols.
Examples of Banking and Finance Data Breaches
Over the years, a number of data breaches have impacted banking and finance. But there is a bright side. These examples have helped organizations to harden their defensive efforts and learn from previous mistakes.
In March of 2019, Capital One was the victim of a wide-scale data breach that compromised more than 100 million customer accounts, including social security numbers, names, addresses and credit card scores. Exploiting a misconfigured Web Application Firewall, the attacker was able to gain access through public cloud servers.
In May of 2019, an attacker hit banking finance breaches costs risks
