Financial

Financial corporations house some of the most sensitive customer data, from account numbers to home addresses. Cybercriminals know this and target these companies on purpose. They understand that these corporations will do anything to get this data back. Threat actors target financial services because they pay big. Due to the importance of the data, hackers make big profits off selling it. They also know this is where the money is held. Therefore, they will make a profit from selling data and stealing money directly.

According to IBMs 2021 Cost of a Data Breach Report:

 The average cost of a data breach across all industries was $5.33 million

 Financial industry is the second-highest average cost for a data breach, behind the Healthcare industry, averaging $5.72 million per breach

Some of the biggest threats for these companies’ data and compliance issues are:

 Ransomware attacks against companies’ databases, leading to potential leaks of customer data

 Financial Companies hold very important data. Criminals are aware of this and try to gain access and sell this data

 Theft of customer information and fraud, which can lead to lawsuits and large losses of money for a company