5 common types of data breaches in the financial sector

The 2023 UK Cyber Security Breaches Survey reveals that 32% of businesses have experienced a data breach in the past year. This figure rises to 69% for large businesses. Data breaches often occur through intentional actions of cybercriminals or unintentional errors. Common data breaches for financial institutions include weak security, social engineering tactics, malware, ransomware and Distributed Denial-of-Service (DDoS) attacks. Increasingly, financial institutions are targeted, requiring enhanced data and system security.