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The Three Worst Financial Industry Data Leaks

By Benedicte Matran Wed Apr 13, 2022

This article was originally published on Finextra by Todd Carroll.

Banks, fintechs, and other financial institutions have a unique responsibility to maintain the highest level of data security. Billions of people trust them with highly sensitive personal information, ranging from credit scores to home addresses, birth dates, and social security numbers.

However, this data means that banks are very attractive targets for cybercriminals, who could hit the jackpot if they manage to break through their defenses. When hackers obtain the information stored by financial institutions, they can profit by selling off data to other criminals on the dark web who can use the information to steal victim’s identities and destroy their credit rating, or simply escape with their all their hard-earned money.

Due to the high stakes involved in protecting people’s money and sensitive personal information, banks take security very seriously. But today, cybersecurity professionals often adopt an “assume breach” mindset in which they accept that an attack is inevitable. Which indicates that even the toughest security will be tested at some point – and possibly compromised.

Hacks can be extremely expensive, which means banks need to prepare. So, to help them gain an understanding of the threat, here in reverse order are the top three most expensive data breaches in the history of banking.

Continue reading on Finextra by clicking here.