In 2023, there were ***** reported cyber incidents in the financial industry worldwide, up from ***** in the preceding year. Coherently, the number of data breaches increased within the last two examined years, going from *** in 2021 to ***** in 2023. Overall, 2023 saw the most significant number of cyber incidents since 2013.

Between October 2021 and September 2022, malware was the most common type of cyber attack in financial and insurance organizations. The attack vector targeted around ** percent of organizations worldwide. Network and application anomalies ranked second, with ** percent of organizations experiencing such cyber attacks, while system anomalies followed, with ** percent.

As of February 2024, over **** of businesses and organizations worldwide reported losing at least 300,000 U.S. dollars due to cyberattack incidents. Furthermore, ***percent of global organizations reported losses amounting to at least one million U.S. dollars.

Between 2008 and 2024, the most significant data breach in the financial industry worldwide was detected in 2019 in the United States at the First American Financial Corporation. This data breach caused the leakage of *** million financial and personal records. The financial industry is one of the most targeted sectors by cyberattacks that lead to data breaches. However, cyber-attacks are not the only reason for a data breach. Sometimes data compromise occurs due to other reasons, such as system errors.

Cyber criminals in Russia performed nearly **** thousand attacks on clients of financial organizations using social engineering between January and March 2025. Furthermore, *** thousand incidents targeting clients involved phishing.

According to a 2022 report, a survey among IT decision-makers in the United States found that nearly a quarter of companies that have experienced a cyber attack has lost between 50,000 and 99,999 U.S. dollars. Among the surveyed companies, another 22 percent reported losing between 100,000 to 499,999 U.S. dollars. Overall, four percent have lost more than one million U.S. dollars in a cyberattack.

The Financial Cyber Security market is a critical sector that safeguards sensitive financial data against an ever-evolving landscape of cyber threats. As cyber attacks grow in sophistication, financial institutions are increasingly investing in robust security measures to protect their assets, customer information,

The Financial Service Cyber Security market has emerged as a crucial component in safeguarding the digital infrastructure of financial institutions amid the rising threat of cyberattacks. With the increasing digitization of banking, insurance, and investment services, there is a growing demand for robust security me

Introduction

Cybersecurity Statistics: In a world that is increasingly becoming digital, cybersecurity statistics are now more important than ever for enterprises, governments, and individuals. The world has undergone significant changes in terms of online data storage and e-commerce, which have expanded the threat landscape. Cybercriminals have become sophisticated by using advanced methods to compromise security systems, steal private information, and disrupt operations. Cybersecurity statistics result in huge financial losses as well as reputational damages, hence making it one of the most critical elements in modern-day businesses and governance.

The global cybersecurity market has grown tremendously over the past few years due to the increasing number and complexity of cyber threats. In 2023, the cybersecurity industry was estimated to be worth around $217 billion, representing an increase of 15% from 2022. This growth was primarily due to increased awareness regarding cyber risks, coupled with numerous high-profile data breaches affecting both organizations and governments across the globe.

Introduction

Cyber Insurance Statistics: Cyber insurance is a type of coverage that protects people and businesses from financial losses caused by cyberattacks and data breaches. In today’s connected world, where threats like hacking, malware, and ransomware are common, having cyber insurance is very important. This insurance helps cover costs from data breaches, ransomware attacks, and business interruptions.

It also helps with issues like cyber extortion, recovering lost data, legal claims, fines, and handling emergencies. The details of the coverage and prices can vary, but cyber insurance is an essential part of managing risk, especially as cyber threats continue to change.

It helps companies bounce back quickly and reduces the financial and reputational damage caused by cyber incidents. We shall shed more light on the Cyber Insurance Statistics through this article.

In 2024, manufacturing saw the highest share of cyberattacks among the leading industries worldwide. During the examined year, manufacturing companies encountered more than a quarter of the total cyberattacks. Organizations in the finance and insurance followed, with around 23 percent. Professional, business, and consumer services ranked third, with 18 percent of reported cyberattacks. Manufacturing industry and cyberattacks The industry of manufacturing has been in the center of cyberattacks in a long time. The share of cyberattacks targeting organizations in this sector in 2018 was at 10 percent, while in 2024, it amounted to 26 percent. The situation is even more compliacted when we look at the cyber vulnerabilities found in this sector. In 2024, critical vulnerabilities in manufacturing companies lasted 205 days on average. IT perspective and prevention With recent technology developments, cybersecurity is crucial to an organization’s success. Realizing this, companies have been gradually increasing cybersecurity investments. Thus, in 2024, the cybersecurity budget worldwide was forecast to increase to nearly 283 billion U.S. dollars. Roughly nine in ten board directors of companies worldwide in professional services and media and entertainment industries say they expect an increase in the cybersecurity budget.

In today's increasingly digital world, the Security Awareness Training Management Plan for the Financial Industry plays a crucial role in safeguarding sensitive information and ensuring compliance with regulatory standards. As financial institutions face growing threats from cyberattacks and data breaches, implement

As of 2024, the average cost of a data breach in the financial industry worldwide was **** million U.S. dollars, up from **** U.S. dollars in 2024. The global average cost of a data breach across all studied industries was **** million U.S. dollars.

Cyber attacks on businesses are becoming more frequent, targeted, and complex. The effects of a cyber attack go well beyond the direct financial consequences. In 2024, ** percent of respondents indicated greater difficulty in attracting new customers as the main consequence of cyber attacks.

The Bank DNS Security market has emerged as a critical segment within the broader financial services industry, driven by the increasing reliance on digital operations and the growing threat landscape of cyberattacks. With financial institutions increasingly transitioning to online platforms, securing the domain name

In 2024, four out of 10 respondents surveyed globally stated that their company did not experience financial damage because of cloud cyber attacks. However, ***** percent of respondents answered that their companies suffered losses worth over ******* U.S. dollars because of cloud cyber incidents.

In today's interconnected digital landscape, the DDoS (Distributed Denial of Service) Protection and Mitigation Hardware market plays an essential role in safeguarding organizations from the ever-growing threat of cyberattacks. DDoS attacks can disrupt services and cause significant financial and reputational losses

In 2023, the number of data compromises in the financial services industry in the United States reached 744, up from 138 such incidents in 2020. The financial services sector was the second-most targeted industry by cyber security incidents resulting in data compromise. The number of data compromises includes data breaches, as well as exposure and leakage of private data.

According to Cognitive Market Research, the global Mobile Encryption market size will be USD XX million in 2025. It will expand at a compound annual growth rate (CAGR) of XX% from 2025 to 2031.

North America held the major market share for more than XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031. Europe accounted for a market share of over XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031. Asia Pacific held a market share of around XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031. Latin America had a market share of more than XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031. Middle East and Africa had a market share of around XX% of the global revenue and was estimated at a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031. KEY DRIVERS

Cybersecurity Concerns fueling the Global Mobile Encryption Market Growth

The increasing number of cyberattacks and data breaches has been a major driving force behind the growth of the mobile encryption market. As mobile devices like smartphones and tablets store vast amounts of personal, financial, and confidential business data, they have become prime targets for hackers. The surge in cybercrime is evident from report like the National Crime Records Bureau's (NCRB) revelation that over 1.1 million cybercrime cases were reported in India alone in 2023.( https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2003158) These alarming statistics underscore the critical need for stronger data security measures, particularly mobile encryption, to prevent unauthorized access to sensitive information. Organizations are also pressured by regulations such as GDPR and HIPAA, which mandate robust encryption to ensure data protection. The demand for mobile encryption solutions is thus rising as businesses and individuals alike look to secure their data and mitigate the risks posed by cybercriminals. Surge in mobile phone usage driving mobile encryption market The explosive growth in the number of mobile device subscriptions is another key factor driving the demand for mobile encryption. According to the International Telecommunication Union (ITU), there were over 8.58 billion mobile subscriptions globally in 2022, reflecting the massive adoption of mobile phones worldwide (https://www.itu.int/en/ITU-D/Statistics/pages/stat/default.aspx). As more individuals and businesses rely on mobile devices for communication, financial transactions, and storing sensitive information, the risk of data breaches escalates. Mobile encryption ensures that even if a device is lost or stolen, the data remains unreadable to unauthorized users. For instance, major companies in sectors like finance, healthcare, and government are adopting encryption technologies to comply with stringent regulations while safeguarding sensitive data. This widespread adoption of mobile devices increases the need for effective encryption solutions, leading to substantial growth in the mobile encryption market. The mobile encryption market is driven by several interconnected factors, including the rising threat of cyberattacks, the surge in mobile device usage, and the increasing regulatory requirements for data protection. As both individuals and organizations become more aware of the risks posed by unsecured mobile devices, the demand for effective encryption solutions continues to grow. With the proliferation of mobile devices globally, combined with heightened concerns over cybersecurity, the mobile encryption market is expected to expand rapidly, making encryption a vital tool for safeguarding personal and business data in an increasingly digital world.

  Restraints

Regulatory Complexity acting as a Barrier to Mobile Encryption Market Growth

The issues with compatibility of encryption solutions with various devices, platforms, and software poses several Challenges. Mobile devices run on diverse operating systems like iOS, Android, and Windows, and ensuring that encryption tools work seamlessly across these different environments can be complex and resource-intensive. Additionally, encryption solutions are often seen as complicated and time-consuming by some users, which can lead to r...

As of September 2018, around 48 percent of cyber attacks in the finance industry across the Asia Pacific region were web attacks. Web attacks refer to attacks against services and applications that support a web presence, for example SQL injection, cross-site scripting, command injection and directory traversal.