The Latest Cybersecurity In The Credit Card Industry Statistics Explained
Data breaches in the financial sector, including the credit card industry, increased by 900% between 2005 and 2015.
The statistic indicates a significant and worrisome trend in data security within the financial sector, specifically focusing on the credit card industry, over a ten-year period from 2005 to 2015. The startling 900% increase in data breaches during this time period highlights the growing vulnerability and susceptibility of the sector to cyber threats, potentially resulting in compromised customer data, financial loss, and reputational damage for businesses involved. This statistic underscores the critical importance of implementing robust cybersecurity measures, investing in data protection technologies, and continuously monitoring and addressing security risks to safeguard sensitive information and mitigate the impact of potential breaches in the future.
The financial sector experiences the third highest number of cyber attacks, at 17% of all attacks.
The statistic indicates that the financial sector is targeted by cyber attacks at a rate of 17% of all attacks, making it the third most common industry to experience such incidents. This suggests that financial institutions, including banks, investment firms, and other related businesses, are at a heightened risk of cyber threats compared to other sectors. The prevalence of cyber attacks in the financial industry is a significant concern, as it can lead to potential breaches of sensitive customer data, financial fraud, and disruptions to critical financial services. This statistic highlights the importance of robust cybersecurity measures and proactive risk management strategies within the financial sector to protect against cyber threats and safeguard the integrity of financial systems and data.
The average cost of a data breach was $4.24 million in 2021, an increase of 10% from the previous year.
The statistic indicates that in 2021, the average cost of a data breach for organizations was $4.24 million, a 10% increase compared to the previous year. This means that the financial impact of data breaches on businesses has continued to rise, highlighting the growing importance of cybersecurity measures and data protection strategies. The rise in costs could be attributed to various factors such as increased sophistication of cyber attacks, higher regulatory fines, and the expansion of digital operations during the global pandemic. Organizations need to invest in robust cybersecurity defenses to mitigate the risks and potential financial losses associated with data breaches as the threat landscape continues to evolve.
In 2019, 14.7 million credit card numbers were exposed, a 60% increase from 2018.
The statistic indicates that in the year 2019, a total of 14.7 million credit card numbers were compromised or exposed, which represents a notable 60% increase compared to the previous year, 2018. This significant rise in the number of exposed credit card numbers highlights a concerning trend of increased cybersecurity threats and data breaches within the financial industry. The increase suggests that organizations need to enhance their data protection measures and invest in stronger cybersecurity protocols to safeguard sensitive financial information and mitigate the risks associated with cyberattacks and fraudulent activities.
Credit card fraud is the most common type of identity theft, accounting for 30.2% of all identity theft in 2019.
The statistic that credit card fraud is the most common type of identity theft, accounting for 30.2% of all identity theft in 2019 suggests that fraudulent use of credit cards is a prevalent issue within cases of identity theft. This means that nearly one-third of all instances of identity theft involved unauthorized charges made using stolen credit card information. Credit card fraud is a serious concern as it can lead to financial losses for individuals and financial institutions, as well as damage to one’s credit score and reputation. The high percentage indicates the need for increased measures to protect individuals’ credit card information and prevent fraudulent activity in the future.
In 2020, the payment card industry failed 27.9% of interim compliance assessments.
The statistic states that in 2020, the payment card industry failed 27.9% of interim compliance assessments. This suggests that nearly one-third of the assessments conducted to ensure compliance with industry standards were unsuccessful, indicating a significant level of non-compliance within the industry. These assessments are likely aimed at ensuring data security and adherence to regulations within the payment card industry, such as the Payment Card Industry Data Security Standard (PCI DSS). The high failure rate could be a cause for concern as it may indicate vulnerabilities in data security measures or a lack of adherence to industry standards, potentially exposing consumers to the risk of payment card fraud or data breaches. Efforts should be made within the industry to address the reasons behind these compliance failures and improve overall security measures to better protect consumer data.
In 2020, the FBI’s Internet Crime Complaint Center (IC3) received 2,474 complaints identified as Business Email Compromise (BEC) or Email Account Compromise (EAC), which is a primary method used for credit card information theft.
In 2020, the FBI’s Internet Crime Complaint Center (IC3) received a total of 2,474 complaints related to Business Email Compromise (BEC) or Email Account Compromise (EAC), both of which are commonly used methods for credit card information theft. These types of cybercrimes involve fraudsters gaining unauthorized access to email accounts or impersonating legitimate businesses in order to deceive individuals into revealing sensitive information such as credit card details. The high number of complaints received highlights the prevalence and continuing threat of BEC and EAC scams in the digital world, emphasizing the importance of cybersecurity measures to protect against such criminal activities.
The average cost of a credit card data breach for a financial organization is $5.85 million.
The statistic “The average cost of a credit card data breach for a financial organization is $5.85 million” represents the typical financial impact that a financial organization might experience as a result of a data breach involving credit card information. This average cost takes into account various factors such as expenses for investigating the breach, notifying affected individuals, providing credit monitoring services, legal fees, regulatory fines, and potential loss of business due to damaged reputation. Data breaches can have serious financial consequences for organizations, and this statistic highlights the significant financial risk associated with breaches involving sensitive credit card data in the financial sector.
Credit card fraud losses totaled $28.65 billion in 2019.
The statistic “Credit card fraud losses totaled $28.65 billion in 2019” represents the total monetary value lost due to fraudulent activities involving credit cards within that particular year. This figure indicates the significant financial impact of credit card fraud on individuals, businesses, and financial institutions, highlighting the ongoing threat posed by fraudulent transactions. The substantial amount of $28.65 billion underscores the importance of implementing robust security measures and fraud detection systems to safeguard against such criminal activities and minimize financial losses in the future.
95% of breached records in 2016 came from three industries: Government, retail, and technology – all of which have high levels of credit card use.
The statistic indicates that in 2016, a significant portion of breached records, accounting for 95% of the total, originated from three specific industries: Government, retail, and technology. These industries are characterized by high levels of credit card usage, making them prime targets for cybercriminals seeking to access sensitive financial information. The prevalence of data breaches in these sectors underscores the importance of securing personal and financial data, as well as the need for enhanced cybersecurity measures to protect against unauthorized access and potential exploitation of credit card information.
Nearly 70% of consumers are ‘very concerned’ about bankcard fraud.
The statistic stating that nearly 70% of consumers are ‘very concerned’ about bankcard fraud indicates a high level of apprehension and anxiety among consumers regarding the security of their financial transactions. This finding suggests that a large majority of individuals place significant importance on protecting their personal and financial information when using bankcards for transactions. The high level of concern may stem from the potential risks associated with unauthorized access to bankcard information, such as identity theft, financial losses, and compromised personal data. This statistic emphasizes the need for financial institutions and businesses to implement robust security measures to safeguard against bankcard fraud and alleviate consumer worries.
There were more than 1.8 million incidents of credit card fraud in the US in 2020.
The statistic “There were more than 1.8 million incidents of credit card fraud in the US in 2020” indicates the prevalence of fraudulent activities involving credit cards in the United States during that year. This high number of incidents suggests a significant threat to individuals’ financial security and the overall integrity of the financial system. Beyond the direct financial losses incurred by victims, credit card fraud can have broader implications such as damaging consumer trust in electronic payment systems and increasing costs for financial institutions and merchants. Policymakers, financial institutions, and individuals should take proactive measures to enhance security protocols, educate the public on fraud prevention techniques, and strengthen regulations to mitigate the risks associated with credit card fraud.
The most targeted sector for web application attacks is finance, including credit card industries, which was targeted in 45.9% of all attacks.
The statistic indicates that the finance sector, particularly including credit card industries, is the most commonly targeted sector for web application attacks, accounting for 45.9% of all attacks. This means that nearly half of all recorded web application attacks are aimed at financial institutions and companies involved in processing credit card transactions. The high percentage suggests that attackers see the finance sector as a lucrative target with potentially valuable data to exploit. As such, organizations within the finance industry should be especially vigilant in implementing robust cybersecurity measures to protect their systems and customer data from malicious attacks.
92% of malware is delivered via email – a key concern for credit card industry cybersecurity.
The statistic that 92% of malware is delivered via email highlights a significant vulnerability in cybersecurity, particularly for the credit card industry. This means that the majority of malicious software, such as viruses, ransomware, and phishing attacks, are distributed through emails, posing a critical threat to the security of sensitive data like credit card information. Given the widespread use of email communication in business transactions and customer interactions within the credit card industry, this statistic underscores the urgent need for robust email security measures, employee training on recognizing phishing attempts, and constant vigilance to prevent cyberattacks and data breaches.
The average time to identify a breach in financial sectors in 2020 was 191 days.
The statistic “The average time to identify a breach in financial sectors in 2020 was 191 days” indicates that, on average, it took organizations in the financial sector approximately 191 days to detect security breaches within their systems during the year 2020. This metric highlights the significant challenge that financial institutions face in detecting and responding to security incidents effectively. A prolonged detection time can result in severe consequences such as financial losses, reputational damage, and potential regulatory penalties. Thus, efforts must be made to improve cybersecurity measures and incident response capabilities to reduce this detection time and enhance overall cybersecurity posture in the financial sector.
Credit card information is often sold on the black market for $5-$110 per record.
This statistic indicates that individuals’ credit card information is a valuable commodity on the black market, with prices ranging from $5 to $110 per record. This suggests that there is a significant demand for such data among cybercriminals who engage in fraudulent activities such as identity theft and unauthorized transactions. The variation in prices likely reflects factors such as the type of credit card, the amount of accompanying personal information, and the card’s expiration date. The high value placed on these records underscores the importance of robust security measures to protect sensitive financial information and prevent unauthorized access and misuse by malicious actors.
References
0. – https://www.www.verizon.com
1. – https://www.www.aciworldwide.com
2. – https://www.www.ibm.com
3. – https://www.www.idtheftcenter.org
4. – https://www.www.statista.com
5. – https://www.www.csoonline.com
6. – https://www.www.ic3.gov
7. – https://www.www.partnercomm.net
8. – https://www.www.imperva.com
9. – https://www.www.federalreserve.gov
10. – https://www.www.ftc.gov
11. – https://www.nilsonreport.com
12. – https://www.www.csiac.org
