Bank Systems & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

News

04:20 PM
Connect Directly
Facebook
Google+
LinkedIn
Twitter
RSS
E-Mail
50%
50%

The Top 9 Most Costly Financial Services Data Breaches

The MasterCard and Visa breach is only the latest in a string of hacks and data thefts that have cost financial institutions millions of dollars. Here are the nine biggest recent breaches.

Data breaches are no joke. Just ask any chief security officer. In addition to the bad headlines, customer churn and regulatory headaches associated with data breaches, the monetary costs can add up quickly. Until the MasterCard and Visa hack, the most recent high-profile data breaches have hit largely outside of the financial services industry, with Sony, Michael’s Stores and RSA (which cost parent company EMC close to $66 million) grabbing most of the headlines.

Despite the focus on other industries, though, financial services continues to be a top target for data breaches, caused by hacks, card scams, insider data theft, and the loss of a portable device that contains financial or private information.



Read the rest of this article on Wall Street & Technology

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

Register for Bank Systems & Technology Newsletters
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.