© Copyright Acquisition International 2026 - All Rights Reserved.

Article Image - Financial Data Breaches: ICO Reports 8,000 Percent Rise
Posted 7th May 2024

Financial Data Breaches: ICO Reports 8,000 Percent Rise

According to the Information Commissioner’s Office (ICO), there was an 8,000 percent increase in the number of people affected by financial data breaches in central government between 2019 and 2023.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Financial Data Breaches: ICO Reports 8,000 Percent Rise
Financial breach

Third-party IT consultants can implement cyber security solutions that enable 360-degree visibility and 24×7 tactical coverage

AJ Thompson, CCO at Northdoor plc

According to the Information Commissioner’s Office (ICO), there was an 8,000 percent increase in the number of people affected by financial data breaches in central government between 2019 and 2023.

The figures suggest that there might be a crisis in data security in central government, following a spate of massive cyber breaches. The figures derive from reports of ‘personal data breaches’ (PDBs) made under Article 33 of the UK GDPR to the ICO.

Tougher enforcement is key in the public sector

The worrying figures were part of a Freedom of Information (FOI) request by the ICO and were not actively published. There also doesn’t seem to be any explanation around the seriousness of the issue or how it is being dealt with.

Even though not every PDB is serious enough to require action, there will be a lot of near misses. With the figures showing a massive increase in the number of people impacted between 2019 and 2023 and a noticeable upturn between 2022 and 2023 (from 70 million to 195 million), this shows a pressing need for the ICO to consider if there needs to be tougher enforcement in the public sector instead of pursuing its current “soft” approach.

The ICO has confirmed that it is looking into a review regarding its approach to enforcement in the public sector, after the two-year, softer approach trial. However, it hasn’t revealed if the increase in central government data breaches requires action.

Widely reported ICO incidents

With data breaches on the rise, government bodies must do more to improve cybersecurity. It is vital that there are robust protections in place to secure the data and the information held within it. Public sector staff also need to have the knowledge and training to handle such data securely. However, all too often this doesn’t happen.

The risk of a security breach has become an increasing reality for local government in the UK. For example, Sefton Council experienced 50 percent more cyber-attacks every month, a figure in line with a global increase in incidents, according to a new report.

Sefton council found that it was being targeted for the security of its IT infrastructure. The council admitted that significant work needs to be done to prevent future attacks. Third-party IT consultants can help local government to implement new security practices and tools and ensure that council staff, who are the last line of defence, are trained to recognise a potential attack and deal with it appropriately.

 Similarly, Bristol City Council is also at an increased risk of a cyberattack due to delayed critical IT updates. Legacy software is a huge risk to local government and a key target for cyber-attacks.

The Gloucester City Council cyber-attack is also a reminder to all local governments across the UK, just how vulnerable everyday services are. Russian-based hackers, who were believed to be responsible for the attack in December 2021, disrupted numerous services for thousands of residents: including benefit payments, planning applications and house sales, as well as councillors being blocked from emailing other organisations. The council had to rebuild all of its servers as a result of the attack and the latest estimate suggests the bill to the taxpayer stands at just under £800,000.

Transparency is crucial

Cybercriminals are becoming more and more sophisticated. However, this shouldn’t let local government departments off the hook. If they have done everything in their power to protect data and have robust security processes and procedures in place, it is unlikely that they would be successfully fined by the ICO.

All too often, people are unaware that their data has been compromised until they hear that their local government department has been fined. Under GDPR organisations must tell you if your data has been compromised and local government needs to work harder to adhere to the regulations, with the ICO being more transparent around all incidents.

Third-party IT consultants can help

Local governments need to ensure strong security procedures are in place to minimise the threat of cybersecurity breaches. Third-party IT consultants can help them to implement cyber security solutions that enables broad visibility and works seamlessly with existing technology stacks. Using Managed Detection and Response (MDR), Managed Risk, Managed Cloud Monitoring, and Managed Security Awareness, all supported by third-party IT support.

Third-party IT consultants can provide 24×7 tactical coverage and ongoing strategic security recommendations, acting as an extension of an organisation’s internal team to improve its security posture. By turning to AI-powered solutions, local governments can have a 360-degree view of where potential vulnerabilities might lie. This ensures that data is protected from cybercriminals, whilst maintaining reputation and decreasing the risk of an ICO fine.

Categories: Finance, Legal, News


You Might Also Like
Read Full PostRead - Eye Icon
Eurozone’s GDP Boost Should Ease Negotiations
Finance
16/02/2015Eurozone’s GDP Boost Should Ease Negotiations

GDP in the Eurozone grew by 0.3% quarter-on-quarter during Q4 2014, faster than expected.

Read Full PostRead - Eye Icon
Leadership is making a comeback – what does this mean for finance professionals?
Finance
29/10/2019Leadership is making a comeback – what does this mean for finance professionals?

Driven by the meteoric rise of visionary tech billionaires, the popularity of strong leadership in the workplace has soared in the last seven years. In 2012, just 14% of employees said strong leadership was an important factor in attracting them to a new emplo

Read Full PostRead - Eye Icon
Wind Turbine Composites Material Market Worth $5.5 Billion by 2020
Finance
06/03/2015Wind Turbine Composites Material Market Worth $5.5 Billion by 2020

New report defines and segments the global composite market for wind turbine with an analysis and forecast of its global volume and value.

Read Full PostRead - Eye Icon
Healthcare Consultancy Group: Reimagining Medical Communications
Innovation
13/10/2023Healthcare Consultancy Group: Reimagining Medical Communications

Healthcare Consultancy Group (HCG) is a medical communications agency made up of seven different agencies united by one common goal: to bring clients’ medicines closer to the patients who need them by accelerating product understanding and acceptance. For it

Read Full PostRead - Eye Icon
BroadwayHD Recognised as Best Niche Streaming Service 2021
News
11/06/2021BroadwayHD Recognised as Best Niche Streaming Service 2021

BroadwayHD have been an integral part of streaming Broadway shows since 2012. We took a closer look at the streaming service that has helped bright up staying at home in 2020.

Read Full PostRead - Eye Icon
Euro Suffers Further Losses against the US Dollar
Finance
05/03/2015Euro Suffers Further Losses against the US Dollar

Mix of slightly weaker Eurozone numbers and decent US number widens gap between currencies.

Read Full PostRead - Eye Icon
5 Ways to Help Better Understand the Collection of Personal Data on Your Website
Legal
16/09/20215 Ways to Help Better Understand the Collection of Personal Data on Your Website

Your website is the main hub for all the data you collect as a business. It’s where a lot of customers and potential leads will likely come to when interacting with your company. With that being said, it’s a great source of information that can help provid

Read Full PostRead - Eye Icon
Fossil Group, Inc. to Acquire Wearable Tech Innovator Misfit .
Finance
13/11/2015Fossil Group, Inc. to Acquire Wearable Tech Innovator Misfit .

Acquisition of Leading Technology Platform and World-Class Engineering Team Will Fuel Rapid Growth in Wearable Technology

Read Full PostRead - Eye Icon
How To Prepare Your Business For Sale
M&A
20/03/2024How To Prepare Your Business For Sale

As entrepreneurs, we invest not only money but years of hard work, dedication, and passion into building our businesses.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow