Data Theft: Banks Are Increasingly Affected

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Data Theft: Banks Are Increasingly Affected
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Data Theft: Banks Are Increasingly Affected: Cybercriminals who want to quickly obtain a large amount of valuable data are increasingly attacking financial institutions. Data breaches can be very expensive for banks. Data Security

Credit Suisse seemingly cannot escape the negative headlines. After numerous scandals and annual results deeply in the red last year, a former employee is now making new negative headlines for the bank. An IT employee is alleged to have stolen personal data from Credit Suisse employees over years.While the data was taken, there is so far no evidence of it being used maliciously.

Still, the security incident is seen as further damaging the image of the crisis-hit financial institution.Data security must be a top priority in a bank's security concept since financial data contains some of the most sensitive information on individuals. Should cybercriminals get hold of such data, it can have devastating consequences for customers who have placed their trust in a financial institution that lacks adequate security measures.

According to Proxyrack, only companies in the Web and healthcare industries have been affected more frequently than financial institutions. The top three causes of security incidents are hacker attacks, inadequate security measures, and lost or stolen data.

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