Every organization needs to keep tabs on other players in the industry in order to stay competitive. It’s common for an organization to analyze a competitor’s website, perform secret shopping trips, and monitor a competitor’s marketing strategies. This type of competitive research is perfectly legal. But if an organization unlawfully obtains another company’s sensitive information, it is considered industrial espionage, which is illegal.
Data is money and power. And the more valuable the data, the greater the power it provides. This is why financial institutions such as banks, loan services, investment and credit unions, and brokerage firms have always been targeted by cybercriminals. Unfortunately, the financial sector was the industry that suffered the second most data breaches in 2019, surpassed only by the healthcare industry.