Some good news on data breaches and cyber, as the latest report from Kroll puts the Insurance sector down to position 10 in the top ten. Kroll handles thousands of incidents every year and its Data Breach Outlook ranks which industries continue to top the charts.
In 2023, finance was the most breached industry, says Kroll, accounting for 27% of the breaches, compared to 19% in 2022. While in the spotlight for 2022, healthcare dropped to second place, yet still accounted for 20% of breaches. This is only slightly less than in 2022 where it accounted for 22% of breaches.
Expanding on the topic, Kroll notes;
The financial sector is an attractive target for cyber criminals not only for the immediate financial gain but also due to the wealth of sensitive customer information it holds. However, the 2023 increase in data breaches is likely due to the CLOP ransomware activity impacting small- to mid-sized regional banks. Further, Kroll also observed several casess in which financial institutions were affected by the CLOP exploitation when a third party they worked with was posted to the victim shaming site, exposing data related to their customers.
This type of activity and its impact underscores the fragility of organizational interdependence and the extent of third-party risk.
PRO SERVICE SECTOR
Further, the professional services moved up from fifth most targeted industry to third in 2023. This could be due to the steady rise in BEC cases particularly affecting this industry, with a high concentration of this activity related to legal firms from the BLACKCAT ransomware gang. Indeed from Q1 to Q3 of 2023, Kroll saw BEC attacks increase by 21%.
CARD FRAUD REMAINS POPULAR
Kroll noted that traditional scams like credit card fraud remain common. After that utilities, new smartphones and new bank accounts were next on the list.
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