Although breaches in the financial sector have been less common this year, they were much more damaging than in any other industry - even healthcare, government and education. According to a recent report based on data from the Identity Theft Resource Center (ITRC) and the Ponemon Institute, breaches at financial services totaled more than 60% of all the records stolen by cyber criminals this year.
An average cost per breached financial services record has been $388, while the average for the tech industry is "only" $183. Only 7% of the data breaches in 2019 occurred in the financial services sector, while 43% in general business and 36% in healthcare. Three-quarters of the financial breaches were due to either external hackers or malware, while 6% - insider threats.