Finance sector tops 2023 data breach list, Kroll report reveals

The finance industry emerged as the most victimised sector by data breaches in 2023, according to Kroll's recently published 2023 Data Breach Outlook report. The report analyses data violation incidents relevant to numerous third-party actors, also focusing on the most breached industries. The finance sector's unfortunate distinction comes from accounting for 27% of the breaches handled by Kroll in 2023, up from 19% in 2022.

Meanwhile, the technology sector, although narrowly missing a place among the top five most breached industries, experienced a notable 40% year-on-year increase in breaches from 2022 to 2023. Despite this considerable rise, the report highlighted a staggering 47,264% year-on-year increase in the number of incoming calls related to data violations that the sector received after a breach.

In more reassuring news, the report detailed a considerable reduction for the insurance sector, which fell significantly from being among the top breached sectors. The industry marked an 81% year-on-year decrease in breaches in 2023 compared to the previous year, landing it in tenth position among the most breached industries.

Kroll's 2023 Data Breach Outlook also revealed insight into the most common types of theft. The troubling trend of new credit card fraud dominated by making up 52% of the theft incidents analysed. Following at a considerable distance were utilities fraud at 15%, new cell phone fraud at 13%, and new bank account fraud at 8%.

Kroll is a well-known cybersecurity and risk management company that often releases reports and insights on data breaches and cybersecurity trends. Kroll typically provides valuable information on emerging threats, industry best practices, and recommendations for organisations to enhance their cybersecurity posture.

Moreover, such reports aim to offer industries the required data to tackle the ever-evolving challenges of data violation and ensure the security of both the sector and its consumers. By equipping industries with an understanding of the prevalent threats and the sectors they are most heavily affecting, it is anticipated that a more strategic and targeted approach to data security can be planned.

Kroll's comprehensive report provides invaluable insight into the current trends and impacts of data breaches across various industries. It reminds us of the importance of diligent data protection efforts in an increasingly digital global landscape. It strengthens the industries' defence against such breaches and calls for individual awareness and caution in handling data.