Banks and financial services companies worldwide have failed to invest sufficiently in the field of data security. This lack of investment has in turn impacted their customers, according to industry analysis.
This year began brightly enough with news from regtech firm Fenergo that fines for data breaches imposed on financial institutions (FIs) had fallen from $10.6bn in 2020 to $5.37bn in 2021. However, recently published reports and specialist analysis suggests that, as a sector, financial services organisations are now facing the second highest costs of any sector for losses arising from data breaches.
