The financial services industry is heavily reliant on data for operations, which makes it a prime target for cybercriminals. Here are some of the most costly data breaches in the financial services sector:
In 2017, Equifax experienced a massive data breach that exposed the personal information of over 147 million customers. The breach cost the company over $1.4 billion in settlements and fines.
The 2019 Capital One breach saw the exposure of sensitive data of over 100 million customers, resulting in a financial loss of $80 million for the company.
The JPMorgan Chase breach in 2014 compromised the data of 76 million households and 7 million small businesses. The fallout from the breach resulted in a financial impact of over $12 billion for the company.
Here are some common questions related to financial services data breaches:
Financial services companies can implement measures such as encryption, multi-factor authentication, regular security audits, and employee training to bolster their cybersecurity defenses.
Consumers can protect themselves by monitoring their accounts for suspicious activity, freezing their credit report, and being cautious of phishing attempts that may result from a data breach.
Customers affected by a data breach may face identity theft, financial loss, a damaged credit score, and a loss of trust in the company that experienced the breach.
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The 9 most expensive financial data breaches.