Financial Sector Data Breaches Soar Despite Heavy Security Spending

The preparedness of banks to deal with threats would appear to be shaky at best considering the number of data breaches in the financial sector this year. Security vendor Bitglass recently analyzed data breaches disclosed by banks, insurance companies, investment firms, and other financial services institutions thus far in 2018 and compared it with the same data from two years ago.

Between January and August this year, financial firms disclosed three times as many breaches as they did in the same period in 2016—103 in 2018 compared to 37 two years ago. The top three breaches alone this year compromised more records than the 64,512 records exposed in all of 2016.

Read more about the findings of the Bitglass report on DarkReading.