Security

78% of European big banks saw data breach in 2022

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July 31, 2023

Research from SecurityScorecard revealed that out of 240 of the biggest banks in the European Union, 78% saw a third-party data breach in the past year. However, despite these breaches only 3% of the third-party vendors were breached, which shows hackers used supply chain attacks to gain access to all organizations that use the supply chain software, according to a press release.

Other findings include:

• 84% of banks saw a fourth-party breach.
• Insurance firms had the worst security scores.
• 82% of retail banks saw a third-party breach with 8% seeing a first-party breach.

"Who financial entities choose to trust and how they sustain that trust are essential factors for the resilience of the EU's financial services sector," Dan Morgan, senior government affairs director, Europe and APAC, SecurityScorecard, said in the release. "Financial institutions must adopt an objective, standard measurement for third-party cyber risk to inform regulatory decisions, reduce cyber incidents, and comply with regulations, such as DORA in the EU."