CURRENCIES THE LEDGER Behind the scenes of data breaches Bad actors frequently change how they compromise and acquire data. Verizon's 2023 Data Breach Investigations Report details the methods by which hackers infiltrate financial and insurance organizations today. LAST YEAR, THE FINANCIAL AND INSURANCE INDUSTRIES EXPERIENCED: INCIDENT (n): A security event that compromises the integrity, confidentiality or availability of an information asset 1,832 data breaches 480 with confirmed data disclosure WHERE DO THE " BAD ACTORS " COME FROM? WHAT'S THEIR MAIN MOTIVE? 97% External: 66% Internal: 34% Simple mistakes, such as sending protected data to the wrong person, are the most common causes of internal breaches. of financial and insurance industry breaches have a money-related motive. WHAT KIND OF DATA IS COMPROMISED? PERSONAL 74% 38% CREDENTIALS 14 // ICBA Independent Banker // November 2023 21% 30% BANK OTHER Source: Verizon 2023 Data Breach Investigations Report