This is Money – Fivefold increase in financial data breaches

‘A serious cyber incident is biggest fear in bank boardrooms:’ There was a fivefold increase in financial firms reporting data breaches last year. Paolo Sartori, MD of TransWorldCom, discusses cyber-attacks within the financial sector with the UK’s largest online financial website, This is Money. Banks saw a 25 per cent rise in data breaches in 2018 according to the Financial Conduct Authority, with some of the high street’s biggest names hit by hackers. In total, 145 financial services companies were affected by data breaches last year, compared to 25 the year before. Investment banks were the worst-hit, with 34 recording breaches up from three in 2017 and retail banks saw the largest rise in percentage terms. The figures from the FCA came from a Freedom of Information request by a law firm. You can read the full article here.