A recent report indicates that the financial services sector has surpassed the healthcare industry as the most targeted sector for data breaches in 2024. According to findings by Alta Technologies, which analyzed data from the Identity Theft Resource Centre, the financial services industry recorded a staggering 737 data compromises, impacting approximately 48 million individuals. In contrast, healthcare, which has traditionally been the most vulnerable industry, suffered 536 data breaches, affecting 47 million people.
This marks a significant shift, as healthcare held the top position for data compromises since 2018. Despite the decrease, the healthcare sector’s breaches in 2024 represented a notable improvement from 2023, which saw 811 compromises and affected around 60 million individuals. This downward trend gives a glimmer of hope for improving cybersecurity measures within the sector.
The report ranks industries by their vulnerability to cyber threats, with professional services following closely in third place, recording 345 data compromises that affected three million individuals. Growth in breaches was noted in this sector, highlighting a growing trend in cyberattacks aimed at professionals such as lawyers and software developers.
Manufacturing, also significantly impacted, reported 317 data breaches, leading to 51 million victim notices. This reflects a concerning rise compared to 2023’s figures, underscoring the increasing attention cybercriminals are giving to the sector. The education industry, while slightly down from 173 compromises in 2023 to 162 in 2024, still ranks fifth concerning data breaches, with three million individuals affected.
Nonprofit organizations, technology firms, government entities, mining and construction, and retail also ranked among the top ten targeted industries. The technology sector, despite a reduction in the number of breaches from 167 in 2023 to 142 in 2024, nonetheless affected an immense number of individuals—326 million, indicating the scale of breaches in this space.
The data reflects a broader trend in cybersecurity, where cyberattacks are the primary cause of data breaches, with other contributing factors being system and human errors, along with physical and supply chain attacks. As industries adapt and adjust to these growing threats, significant efforts are needed to enhance cybersecurity protocols and protect sensitive information across all sectors. The shifting landscape emphasizes the urgent necessity for comprehensive security strategies to mitigate risks and safeguard against cyber vulnerabilities.