Nothing to do with business practices. Oh no.
Yeah, its the hackers and insiders. It has nothing at all to do with businesses choosing to buy their technology and tech services from the lowest bidder. Nothing at all to do with that.
It also has nothing at all to do with business leaders being utterly clueless about technology, and deploying stuff for the sake of it. Businesses suffer from "keeping up with the Jones'" as much as middle England.
And the value that personal data has has nothing at all to do with the greed of banks and financial institutions. Personal data has an artifically high value because all a fraudster needs is some personal info and he can take out loans in your name, or all the other tricks they get up to. The eagerness of banks to loan money without taking real steps to confirm who they are speaking to means that they ended up relying on security through obscurity: hoping that only the customer knows their name, age, addresses, mother's maiden name etc.. Lenders also don't want the customers to think too hard about whether borrowing is a good idea, so John Public being able to ring some company and have them loan money over the phone there and then is what lenders want. Just take a look at some of the horrible adverts on daytime TV aimed squarely at the financially clueless for products like remortgages.
Of course, blaming hackers on the other side of the world plays to people's prejudices against minority groups and people who might have a different skin colour. Rich business owners also seem to think that given half a chance anyone will rip them off, so it must be the insiders too.
 Being the fully qualified internet-couch-psycologist that I am I determine that that is a classic case of projection...... how did the rich guy get rich in the first place? It wasn't through generosity or charitable contributions, I can tell you that!