From Fortune:

Financial sector had the most data breaches last year, with social engineering attacks on the rise, according to Kroll’s 2024 Data Breach Outlook report. Cyber criminals target financial sector for not only financial gain but also sensitive customer information.

CL0P ransomware attack on data transfer platform MOVEit affected almost 1,000 institutions. A huge number of institutions including high-profile ones like Deloitte, Ernst & Young, Deutsche Bank, and prominent US agencies were compromised.

MOVEit vulnerability points to the extent of third-party risk and challenges of third-party interdependence. Health care sector, which ranked first in 2022, ranked second last year, while professional services, including social engineering attacks, took third place.

Rise in social engineering is evident, with business email compromise continuing to grow steadily in popularity. Threat actor groups use a range of tactics to access data and, in some cases, ransom the information, according to Kroll’s latest Threat Landscape report.



Read more: The financial industry suffered the most data breaches in 2023—including a single attack that affected nearly 1,000 institutions