Many of the Sectors Fell Victim to Data Breaching in 2022 And the Finance and Insurance Sector Was At the Top of the List

According to a new report, it was found that insurance and finance businesses were the most affected by data breaches in 2022. As a result, these sectors have lost a lot of important data to unauthorized individuals. One of the biggest reasons why actors are attracted to the finance and insurance sectors is because they make a lot of money. In many insurance and finance companies, a lot of sensitive data like banking and accounts information is involved and once bad actors get to them, they can have access to all of it. This is more than stealing a username and password because the financial information of an individual is more important. After all, it holds a lot of valuable data.

A survey by Flashpoint’s Year In Review: 2022 Financial Threat Landscape put forward the top economic sectors which fell victim to data hack in 2022. Finance and Insurance were at the top of the list and Healthcare and Social Assistance were after it. Public Administration was the third sector with the most data breaching cases. The other sectors included Professional, Scientific, and Technical Services, Educational Services, and Unknown Organizations. Overall, Flashpoint highlighted 566 data hacks from where over 254 million records got leaked.

Another thing worth mentioning is that Finance and Insurance weren't at the top spot for sectors with the most ransomware attacks. The finance sector just experienced 55% ransomware attacks in 2022 as compared to other sectors. In 2022, overall 66% of economic sectors fell prey to ransomware attacks. As these attacks are increasing, the people working in Finance and Insurance sectors should get proper training known as Security Awareness Training which will help them with cybersecurity, attack vectors, and tactics to keep the data safe. Flashpoint also reported that much of the data breaches happen at the hands of inexperienced and new employees because most of the time they do not know what they are doing and unconsciously give the data to an unauthorized party.

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by Arooj Ahmed via Digital Information World