Financial services firms have been told they are now the number one target for cyber criminals. New research has unveiled the industries with the highest number of data compromises, with financial services overtaking healthcare as the most attacked industry.

The research team at IT asset decommissioning provider Alta Technologies analysed data from the Identity Theft Resource Centre to determine which industries experienced the highest number of data compromises in 2024.

The data reveals that the financial services industry is now the most vulnerable industry to cyberattacks. According to the study, the industry, which includes jobs such as accountants, bankers, and financial analysts, experienced 737 data compromises throughout 2024. Since 2018, healthcare had previously been the most attacked industry, demonstrating the growing vulnerability of the financial services industry.

The research found that the financial services industry experienced a staggering total of 48 million victim notices in 2024. A victim notice is when a formal communication is sent to the affected individuals after a data breach occurs, highlighting the scale of those impacted.

The growth in compromises in the financial services category was primarily attributable to a significant rise in attacks against commercial banking and insurance entities over the past two years. In 2024, there were a total of 336 data compromises in the commercial banking sector and 148 compromises in the insurance category.

For the first time since 2018, healthcare has been knocked off the top spot when it comes to the number of cyberattacks. The industry, which includes roles such as doctors, dentists, and pharmacists, experienced a total of 536 data compromises in 2024. This affected approximately 47 million individuals.

However, this is still a significant decrease based on the industry’s 2023 data. According to the research, the healthcare sector experienced 811 data compromises in 2023, which resulted in 60 million victim notices.

The professional services industry experienced the third-highest number of data compromises, with a total of 345 reported data breaches. The industry, which includes jobs such as lawyers, software developers, and architects, sent out a total of 3 million victim notices in 2024. These figures have increased since 2023 and 2022, in which there were 310 and 223 data compromises, respectively.

The manufacturing industry is in fourth place, with 317 data compromises. This led to the distribution of 51 million victim notices throughout 2024. This category, which includes roles such as assemblers and fabricators, food processing operators, and medical appliance technicians, had a notable increase in data breaches compared to 2023, in which there were 258 compromises.

The education industry is the fifth-most vulnerable industry to cyberattacks, with 162 data breaches. The industry, which includes roles such as teachers and teaching assistants, issued a total of three million victim notices in 2024. While this is a slight decrease from the 173 compromises that occurred in 2023, the data still highlights the education industry as a high-risk sector when it comes to data breaches.

The nonprofit industry is the sixth-most likely to experience cyberattacks, with a total of 146 data compromises. The industry includes roles such as fundraising officers, grant writers, and executive directors. According to the data, there were a total of 2 million individuals affected by data breaches in the nonprofit industry in 2024.

The technology sector is up next, with 142 data compromises. This led to a whopping total of 326 million affected individuals, one of the largest figures in the study. While the industry’s number of compromises has decreased from 167 in 2023, the research still shows the colossal scale of those impacted by the industry’s cyberattacks.

Government, mining and construction and retail made up the top ten sectors.

Commenting in the results Corey Donovan, the president of Alta Technologies, said: “Ultimately, this research highlights the concerning upward trend of cyberattacks across various industries. While some sectors, like healthcare and education, have been making active efforts to decrease the number of cyberattacks, this research still shows that there is more to be done to significantly mitigate the number of people impacted by data breaches.

“The data is also incredibly concerning for the financial services industry, which notably stores a large amount of sensitive information.

“Implementing effective technical controls and providing frequent staff training are two of the most significant methods to reduce these alarming figures. Maintaining strong cybersecurity practices is critical when it comes to data protection, which is why it’s disappointing to see certain industries experience a recent rise in cyberattacks.

“Staff should remain vigilant at all times to prevent cyberattacks, such as flagging any suspicious attachments in emails and employing multi-factor authentication for any sensitive information.”

The growth in compromises in the financial services category was primarily attributable to a significant rise in attacks against commercial banking and insurance entities over the past two years. In 2024, there were a total of 336 data compromises in the commercial banking sector and 148 compromises in the insurance category.