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 . 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.
The UK’s Financial Conduct Authority (FCA) saw a 480% rise in the number of data breach reports from financial services firms in 2018. Reported incidents for the year totalled 145, compared with 25 in 2017. Of this total, 34 were reported by wholesale financial markets companies, with insurers a close second at 33, followed by consumer retail lending at 21 and retail investments at 11. While the figures indicate a rise in cyber attacks, enterprises may simply be improving how they recognise and report breaches.