Threat Management, Privacy, Data Security

Financial data breaches spark more consumer concern

Financial breaches accounted for 49% of data breach notification-related calls by consumers in 2022, compared with 32% for healthcare data breaches, even though healthcare was the most breached sector last year, according to HealthITSecurity. Monitoring services were leveraged by 69% of individuals who were impacted by financial breaches, compared with only 20% of those affected by healthcare compromise, a report from Kroll revealed. The findings suggest increased consumer worry over financial data than healthcare information, noted researchers. "While in both industries personally identifiable information is at risk, given those looking to utilize this information, often cybercriminals, are largely perceived to be doing so for financial gain, it is understandable that financial data would be perceived to be more sensitive than health information. In reality, however, much of the data gathered from [healthcare] organizations, for example, Social Security numbers, could be used to set up fraudulent accounts and transactions," said Kroll.

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