Financial Data Breach Statistics

There is no doubt technology is rapidly changing how every aspect of the world works. But in our digitized lives, there is perhaps no other realm that has evolved more dramatically than the way we manage our money.

Data breach numbers show that cybercriminals know exactly how sensitive online banking data is in the 21st century. In this ever-expanding sea of data, new pirates set sail by the minute, and the need for better security becomes more and more urgent.

This has become more evident in the past few years, with the number of cyberattacks skyrocketing. 

To show you just how advanced cybercrime has become and how much it costs society, we’ve created this article. Use the information to help protect your personal finances and those of your business. And, just as importantly, spread the word about this serious threat.

Key Financial Data Breach Statistics for 2025 - Editor’s Choice

• 95% of all data breaches are motivated by financial gain.
• It’s estimated that spending on cybersecurity training will reach $10 billion by 2027.
• The United States had an average total cost of a data breach of $9.36 million in 2024.
• Organizations saved an average of $2.2 million in 2024 through the use of AI-based security measures.
• More than two thirds of financial institutions experienced ransomware attacks in 2024

eCommerce data breaches account for 80% of payment-card-related investigations.

(SecurityMetrics)

When we look at the number of data breaches over the last decade, it becomes evident just how heavily we now rely on digital finance. Consumers are increasingly shopping online, so much so that the same research from just four years earlier had the exact opposite result.

95% of all data breaches are financially motivated.

(Verizon)

It’s no surprise that money is the motivation behind the majority of hacks. 

The average cost of a data breach in the financial sector in 2024 was at $6.08 million.

(IBM)

This makes the banking industry second only to the healthcare industry, which loses a staggering $10.93 million per breach. The average cost in the banking sector increased by 3% compared to the previous year.

62% of financially motivated data breaches in 2024 involved ransomware or extortion.

(Verizon)

The median losses from these data breaches stood at $46,000 last year.

92% of ATMs are vulnerable to hacks.

(Positive Technologies)

ATMs remain vulnerable to a wide variety of attacks. For instance, 85% of ATMs are poorly secured against network attacks, including the spoofing of the processing center.

Of the ATMs tested, 69% were vulnerable to black box attacks, while 76% allowed hackers to exit kiosk mode and gain access to the machine’s operating system.

A staggering 97% of all records stolen are from the United States.

(Thales Group)

While it’s not surprising that the most powerful economy in the world is the main target of cyberattacks, it is still shocking how many of the world’s data breaches are directed at the United States. More than 59% of all breaches happen in the US, and a staggering 97% of all stolen records are American.

The largest financial data breach in history happened in 2019 at the First American Financial Corporation in the US.

(Statista)

This one massive breach leaked more than 885 million financial and personal records.

In 2024, the United States had an average total cost of a data breach of $9.36 million.

(IBM)

The US leads the world for more than a decade now in terms of data breach costs, followed by the Middle East at $8.75 million.

66% of businesses that fall victim to data breaches aren’t confident they can recover.

(Fortune)

A three-year-old report by IBM found that cybercrime was metastasizing as technology became more advanced and more readily available. Of the 2,400 IT and security professionals surveyed, 75% confirmed that they had no formal response plans in case of a cybersecurity incident.

60% of US citizens say they or their closest family members have fallen victim to data-related fraud.

(AICPA)

This shows how widespread hacking has become, as more American citizens than ever face the threat of identity theft and fraud. The most common type of fraud took the form of a letter, email, or call from someone impersonating the IRS, comprising 34% of all reported schemes.

After that came the theft of credit card numbers at 28% and fraudulent email phishing scams at 26%. 

Eight in 10 adult US citizens fear that businesses can’t secure their financial information.

(AICPA)

The population is losing faith in the ability of financial institutions and businesses to keep their personal data safe. Almost half of US citizens expect they will fall victim to a fraud that will cost them financially over the next year.

78% of financial institutions experienced ransomware attacks in 2024.

(Bridewell)

On average, each financial service organization experienced 27 ransomware incidents during the last year.

Ransomware costs are projected to reach $265 billion by 2031.

(The U.S. Department of Justice)

The financal cost of ransomware attacks is rapidly increasing, going from $20 billion in 2021.

The number of published ransomware attacks in the financial industry dropped by 8% in 2024.

(Check Point)

While this sector is finally seeing some positive news, the manufacturing sector now suffers the most, with a 56% increase compared to 2023.

100% of financial and banking organizations plan to implement AI-based security services to mitigate data breaches.

(Bridewell)

AI is increasingly being used to enhance security measures, and 2025 is looking to be the year where the impact of this technology will show the most.

Conclusion

When looking at the threat posed by cyberattacks and data breaches , one cannot help but feel at least a bit worried for what the future has in store. Theft, extortion, and fraud is quickly spreading throughout the digital world, and it’s difficult to know exactly how we can prevent this from happening in the future.

Despite this ever-worsening threat, companies seem unable to find the manpower and resources to successfully counter these threats.

The statistics we’ve gathered all point to the finance sector as the most at-risk of all industries. Cybercriminals will continue to target banks and financial institutions first and foremost, and the consequences of major breaches in this field are terrifying, to say the least.

Governments will do everything they can to reduce the threat by introducing new cybersecurity laws and guidelines. But at the end of the day, it’s up to you to invest time and money into keeping your data safe.