SOAX study reveals rising cyber threats to healthcare, finance industries

Among the sectors facing significant risk, the technology industry stands out, ranking sixth in 2023 with 167 data breach incidents. These breaches had a profound impact, affecting a staggering 65 million victims.

The retail sector experienced the seventh-highest number of data breach incidents in 2023, totaling 119 cases. These breaches resulted in ten million victims being affected by cyberattacks.

The non-profit/NGO sector occupies the eighth spot, grappling with 105 data breach incidents and ten million victims in 2023. Following closely in ninth position is the transportation industry, contending with 101 cyberattack-induced cases and 12 million data violation victims in 2023.

Finally, securing the tenth position is the government sector, enduring 100 data violation cases in 2023, impacting 15 million victims nationwide. While there has been a slight uptick from the 74 reported cases in 2022, reflecting a 35% increase, it remains notably lower compared to numerous other industries.

The study also identified the industries that experienced minimal impact from cybercriminal activities. Remarkably, the HR/staffing sector emerged as the least affected, with a mere 10 reported data violation incidents in 2023, affecting 239,000 individuals. 

Equally noteworthy is the social services sector, which saw 15 instances of data breaches in 2023, significantly fewer compared to other industries. Consequently, it affected the fewest number of victims, totaling just 193,000 individuals.

Commenting on the findings, Stepan Solovev, CEO & Co-founder at SOAX, says: "The study has identified a concerningly sharp rise in cyber incidents across all US industries in 2023, which is particularly alarming, especially within the healthcare and financial services industries. These sectors store vast amounts of sensitive information, making them lucrative targets for cybercriminals.

"Maintaining effective cybersecurity practices is crucial for mitigating risks and protecting against potential breaches. It is crucial that organisations within these sectors continue to invest in cybersecurity defence mechanisms. This includes thorough and regular employee training, encouraging staff to stay vigilant against cyber threats.

"The increase in attacks demonstrates that cybercriminals pose an increasing threat. Industries must adapt and evolve with these technological advancements to ensure they are protected from cyberattacks."

Sources: Identity Theft Resource Center (ITRC) – 2023 Data Breach Report  

Methodology:

Data was collected on the number of data violation cases due to cyberattacks in the United States from 2020 to 2023 by industry. These industries were then ranked in order of vulnerability, determined by the frequency of cyberattack occurrences.

Moreover, supplementary data was collected on the number of victims to reinforce the ranking results. 

Data violation cases due to cyberattacks in the US, from 2020 – 2023, by industry: