Banks Facing Increased Data Breaches

Banks have faced an over 900% increase in data breaches, and the reason why requires a major shift in thinking on how to address data security!

Business Insider’s Business Intelligence division just released a report that shows a rising tide of compromises in data security among banks. Here are just a few troubling stats:

• IBM found that more than 200 million financial services records were breached throughout 2016 – a 937% increase!
• Financial services firms are breached 65% more often than other institutions.
• Inadvertent action by employees accounted for 53% of all data breaches in 2016.

The fact that over half of all data breaches are caused by employees points up the need for companies to make systemic and cultural changes to beef up their own internal security systems – just focusing on external attackers is not enough.

Read more at Bank data breaches are up, and it's an insider job