Cloud access security broker (CASB) company Bitglass has announced that it has released its 2018 Financial Breach Report.
The study uncovers information about the top threats in financial services, the industry’s latest and largest breaches and more. 2018 has been far more dangerous than 2016, when Bitglass conducted its last financial breach report.
In this year’s study, there were nearly three times as many breaches as there were two years ago.
This is largely due to the explosive growth of hacking and malware around the world.
These threats have undeniably led the charge against financial services firms this year. Bitglass CMO Rich Campagna says, “Financial organisations regularly handle sensitive, regulated data like home addresses, bank statements and Social Security numbers.”
“This type of information is an attractive target for criminals, meaning financial services firms need to be vigilant when it comes to cybersecurity. Failing to protect data and reach regulatory compliance can spell disaster for any company.”
Bitglass aggregated data from the Identity Theft Resource Center (ITRC) and the Privacy Rights Clearinghouse (PRC).
Each year, these standalone databases detail information about data theft in financial services organisations.
By analysing their records in tandem, Bitglass was able to uncover insights about the financial breaches that occurred in 2018.