According to the Ponemon Institute’s "Cost of a Data Breach Study: Global Analysis", per capita, data breach costs are nearly 40 percent more in the financial sector than the average of all industries combined. The increasing frequency, sophistication, and destructiveness of state-sponsored cyberattacks against financial institutions is a catalyst to the worsening cybersecurity risks to the financial system. Other major threats include third-party vulnerabilities and the more traditional methods of attacks such as denial of service, social engineering, drive-by downloads, and phishing to spread banking Trojans, as well as malicious insiders. This report reveals recent data leaks in financial services companies and outlines the steps that must be taken to detect and prevent data leaks.
