Introduction to Financial Services: Financial Cybersecurity (CRS Report for Congress)
| Release Date |
Revised Jan. 5, 2023 |
| Report Number |
IF11717 |
| Report Type |
In Focus |
| Authors |
Andrew P. Scott, Paul Tierno |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Cybersecurity is a major concern of financial institutions
and financial regulators. Recent data breaches at large
financial institutions have increased concerns about the
privacy and security of consumer financial information. For
example, in 2019, a data breach at insurance company First
American Financial exposed 885 million files with personal
and private financial information; in 2020, a data breach at
Experian exposed 24 million customers’ data; and in 2022,
a Block employee downloaded and leaked 8 million
customers’ data.
Research suggests that 25% of malware attacks target
financial services companies. Further, the cost of
cybercrime at financial institutions outpaces the cost of
cybercrime to other industries. For example, according to a
2019 private study, the per-company cost of cybercrime is
over $18 million for financial services companies, around
40% higher than the average cost for other sectors, as
illustrated in Figure 1.
