Cybersecurity breaches reported by British financial services companies more than tripled in the 12-month period ending June 30, with the pension sector reporting the biggest increase at 4,000%, according to research from international law firm Reynolds Porter Chamberlain.
Citing data from the British Information Commissioner’s Office, the law firm stated that U.K.-based financial companies reported 640 cybersecurity breaches between June 30, 2022, and June 30, 2023, up from 187 during the same period from 2021 to 2022. Among those, pension plans reported to the ICO a total of 246 cybersecurity breaches, up from just six during the previous 12-month period.
According to RPC, hackers go after pension plans because they hold an enormous amount of valuable, sensitive financial data, which makes them potentially vulnerable to ransom demands.
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