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This industry is a favorite of financially motivated cybercriminals due to the many types of easily monetized personal data collected from customers. Last year, Web App attacks and Miscellaneous Errors accounted for the top two types of breaches—which shows the importance of limiting mistakes by your own employees.
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Financial and Insurance
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Threat actors
64% External
35% Internal
2% Partner
1% Multiple
Actor motives
91% Financial
3% Espionage
3% Grudge
Data compromised
77% Personal
35% Other
35% Credentials
32% Bank
Considerations
Accidents that lead to breaches
The most common error in this sector was Misdelivery, which is when company information is sent to the wrong people. This can happen when an email system autocompletes to the wrong person or it can be a mass paper mailing with wrong names or addresses.
Small mistakes can mean big consequences
Misconfiguration was the second most common error. This happens when a system admin launches a database in the cloud without the proper security controls. If you’re lucky, a security researcher will find the vulnerability and let you know—before a malicious attack can occur.
Criminals weaponize emails
Criminals often like to pose as a senior executive and use their hacked account for phishing attacks requesting data from other employees. They may also use pretexting, in which an attacker responds to an existing email thread to request a wire transfer, updated bank account info, or to simply ask for valuable information.
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See the latest trends in cybersecurity.
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Explore the results of the 2020 Data Breach Investigations Report (DBIR) and see what patterns emerged across the thousands of security incidents, from companies both big and small.
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