As per the 2020 Financial Breach Report by Bitglass, 6% of all breaches in 2020 were suffered by financial services firms. However, these breaches compromised significantly more records than those that occurred in other industries. In total, more than 60% of all leaked records in 2020 were exposed by financial services organizations.
The impact of data breaches in the financial institutions far exceeds that of all other industries combined mainly due to the sensitive nature of the data being stored. In addition to the financial damage, the loss or theft of essential financial information can damage a firm’s reputation, lose the trust of clients and lead to a significant reduction in employee productivity.