New Telegraph

Report: 78% of European big banks recorded data breaches in 2022

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

The statement further said that other findings of the research include 84 per cent of banks saw a fourth-party breach; insurance firms had the worst security scores and 82 per cent of retail banks saw a thirdparty breach with eight per cent 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,” he added.

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