Financial services experienced a 26% decrease in data breaches from 2015, according to the ITRC Data Breach Report 2016, from Scottsdale, Ariz.-based CyberScout and San Diego-based Identity Theft Resource Center.

The statistics show banking, credit and financial institutions made great strides in protecting against data breaches. In general, 2016 saw a 40% increase in data breaches compared to 2015, but breaches affecting the financial services industry declined.

The report cites financial, banking and credit organizations as the segment least affected by hacking, skimming and phishing attacks. Other findings revealed only 3,182 credit card/debit card records exposed in the financial services sector compared to more than 3.6 million credit card/debit card in the healthcare industry; and the financial services segment ranking lowest in breaches cause by employee error/negligence.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).