Financial data of 53m compromised by breaches in one year

Financial data belonging to as many as 52.8million individuals was compromised in cyber attacks in the UK in the year to 30 September 2023) a 90% increase on the 27.8m compromised in the previous year, according to data from Chaucer.

Based on declarations to the ICO by organisations that suffered a cyber attack, the number of data breaches reported involving the loss of financial data, such as credit card or bank account details, has also increased, from 1,374 in 2021/22 to 1,536 in 2022/23 (to end March)

Commenting on the figures, Ben Marsh, deputy class underwriter at Chaucer, said: “The sheer number of items of sensitive data being compromised in attacks is very concerning – especially since the maturity of corporate cyber security defences have dramatically improved in the last three years.

“Even with all these improvements, the cyber threat continues to evolve at a rapid pace, and malicious actors continue to have the upper hand – the theft of such huge amounts of sensitive data is a reflection of this. We’re seeing this now in an ever-increasing rate of ransomware attacks against networks as criminals seamlessly adopt modern malware toolsets as a method of generating revenue.”

ICO data shows an increase in successful cyber attacks against financial services providers, increasing from 259 in 2021/2022 to 722 in 2022/2023 (to end June). The Pensions Ombudsman recently revealed that it had to notify up to 17,500 individuals in an investigation into a potential data breach.

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