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Financial services data breaches increased 5x in 2018

Financial services data breaches increased 5x in 2018
[Photo: Tom Swinnen/Pexels]

U.K. financial services firms have been prime targets for hackers. According to new data from the country’s Financial Conduct Authority, financial services firms saw a fivefold increase in data breaches in 2018, according to a report from the Financial Times (paywalled).

Writes the FT: “Companies reported 145 breaches to the FCA last year, up from 25 in 2017, with investment banks reporting the highest number of incidents at 34, up from just three the previous year.”

Retail banks were reportedly hit this hardest, seeing the largest increase of cyberattacks. The implementation of GDPR likely has something to do with this rise. The new law requires that companies disclose breaches to the authorities in a timely manner or face fines. Still, bank executives reportedly claim that they were consistently bombarded with cyber-threats over the last year–more so than years before.

This problem isn’t going to go away anytime soon–so expect to hear of more and likely bigger breaches in the years to come.

You can read the full Financial Times article here.

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