Web application compromise, a major culprit in the Equifax incident, is the number one breach type in the finance industry this year and a growing trend, according Cambridge, Mass.-based BitSight.

In a new report from the security ratings firm, researcher Ryan Heitsmith noted, "September marked a month of heated discussion concerning data privacy issues, with continuing coverage in the media regarding breaches at major, global institutions."

BitSight considered the types of breaches experienced by the finance sector over three years of data to determine whether web application compromise is on the rise as well as the impact of these events. In 2017, web application compromise overtook all other breach types, making up a significant 33% of events experienced by the finance sector. "These events result in greater information loss and reputational damage than other breach types observed by BitSight," Heitsmith stated.

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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.).