Data breaches reported by British FIs rise 480% in a year

Wednesday 27 February 2019 10:46 CET | News

Data breaches reported by UK financial services companies to the Financial Conduct Authority (FCA) increased 480% in 2018, to 145 up from just 25 in 2017, according to RPC.

The retail banking sector saw the largest percentage increase in the number of data breach reports, rising to 25 in 2018 from only one in 2017. This could raise concerns about the increasing number of cyber criminals targeting bank accounts, the research company RPC continues.

RPC says that wholesale financial markets companies, such as investment banks, reported the most data breaches to the FCA in 2018, reporting 34 times, up from just three in 2017.

Other sectors within financial services that saw large increases in data breach reports include:

  • Insurers – 33 in 2018, up from seven in 2017

  • Consumer retail lending – 21 in 2018, up from four in 2017

  • Retail investments – 11 in 2018, up from none in 2017

RPC explains that while the data suggests that financial services businesses are suffering an increasing number of cyber-attacks, these businesses are also perhaps getting better at identifying and reporting those attacks.

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Keywords: data breaches, RPC, UK, financial institutions, security, fraud prevention, investment banks, statistics
Countries: World