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The rise and impact of third-party data breaches

Caroline McCreadie
Cash and Securities Network Manager
Thomas Murray

A data breach/data spill/data leak is a security violation, in which protected, confidential or sensitive data is transmitted, copied, viewed, stolen, or used by an individual unauthorized to do so.

Daily, data breaches dominate headlines around the world. Despite a greater emphasis being placed on data security, cybercriminals are continuing to find new ways to circumvent defences to gain access to valuable corporate data. Whether it’s through malware, sophisticated social engineering techniques or supply chain attacks, cybercriminals are trying every available tactic to infiltrate, expose and profit from sensitive client information.

The impact that a data breach has on an organisation can be far greater than many realise, ranging from the immediate loss of confidential information; Financial Loss; Operational downtime; Legal Action to the longer-lasting reputational damage, where customers will seek alternative providers for services.

Based on the c400 submissions to the most recent Thomas Murray Cash Correspondent Monitoring due diligence review, 21.5% of all cash correspondent banks had experienced a data breach in the last 12 months, which is significant considering the work banks are undertaking in this space to reduce these attacks. Worryingly this number could be higher with over 8% not disclosing nor providing whether they had a data breach.

Protecting against third-party data breaches

Protect your organisation with Thomas Murray's fully managed solution, which conducts robust monitoring of cash correspondent banks to detect threats and reduce risk.

We have been producing expert compliance programmes for companies like yours since 1994 and can do the same for you.

Book a demo of our solution with Derek Duggan (Head of Sales, Thomas Murray) and learn how we can support you.

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