- A new study has unveiled that the financial services industry has now overtaken healthcare as the industry with the highest number of data compromises.
- According to the data, the financial services industry suffered a total of 737 compromises, while healthcare experienced 536 compromises.
- Other industries highly vulnerable to cyberattacks include professional services, manufacturing, and education.
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 the IT asset decommissioning provider Alta Technologies analysed data from the Identity Theft Resource Center 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 top 10 industries most vulnerable to cyberattacks:
| Rank | Industry | Number of Data Compromises | Number of Victim Notices |
| 1 | Financial Services | 737 | 48,000,000 |
| 2 | Healthcare | 536 | 47,000,000 |
| 3 | Professional Services | 345 | 3,000,000 |
| 4 | Manufacturing | 317 | 51,000,000 |
| 5 | Education | 162 | 3,000,000 |
| 6 | Nonprofit | 146 | 2,000,000 |
| 7 | Technology | 142 | 326,000,000 |
| 8 | Government | 128 | 12,000,000 |
| 9 | Mining/Construction | 104 | 226,000,000 |
| 10 | Retail | 96 | 71,000,000 |
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.
The government sector is the eighth-most vulnerable industry to cyberattacks, with 128 recorded data compromises. This resulted in 12 million victim notices being issued throughout 2024. The industry, which includes roles such as data entry clerks, human resources specialists, and politicians, has experienced one of the largest increases in cyberattacks since 2023, in which there were 99 compromises.
The mining and construction industry takes the ninth spot in the ranking, with a total of 104 data compromises in 2024. This led to a staggering number of 226 million victim notices to be issued. According to the data, the mining and construction industry has experienced one of the largest increases in cyberattacks since 2023, demonstrating how the sector is rapidly becoming a prime target for cybercriminals.
The retail industry rounds off the top 10 ranking, with 96 data compromises. While this is a decrease from 2023’s figure of 118 compromises, 71 million individuals were still affected by the sector’s data breaches in 2024.
Other industries notably at risk of cyberattacks include transportation, hospitality, and utilities. In fact, the data reveals that the data breaches in the hospitality sector impacted the largest number of individuals, with a staggering 565 million people impacted by the industry’s 69 data breaches in 2024.
Meanwhile, the study also identified the industries that experienced minimal impact from cybercriminal activities. The military sector emerged as the least affected, with no recorded data breaches in 2024.
The social services industry also emerged relatively unscathed, with only 18 data compromises. The HR/staffing sector also experienced a low number of cyberattacks, with 23 data breaches.
The data reveals that there was a total of 3,158 data compromises in 2024, which is just 44 events fewer than 2023’s all-time high record. This led to a staggering total of 1,350,835,988 victim notices. Cyberattacks accounted for the largest number of data breaches. Other leading factors include system and human errors, physical attacks, and supply chain attacks.
Corey Donovan, the President of Alta Technologies, commented on the research:
“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.”
This information was provided by the IT asset decommissioning provider, Alta Technologies.
