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Cyber Security in Financial Services

Our range of cyber and managed security services help financial service organisations protect themselves from cyber attacks and meet their regulatory requirements.

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The financial services sector remains one of the most popular targets for cyber criminals and nation-state actors alike.
Here's how we're helping the sector rise to the challenge.

 

Protecting Financial Service from Cyber Attacks

With 95% of cyber incidents being financially-motivated[1], it should be no surprise that the financial services sector is a prime target for cyber attack. On top of this high-volume of attacks, financial services organisations also have to contend with a complex regulatory landscape, including the recently-introduced Digital Operational Resilience Act (DORA).

  • 33% of financial service organisations consider management of cloud cyber security a top challenge.
  • 46% consider malware the top risk to their IT environments.
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Addressing Financial Service Organisation's Unique Cyber Security Challenges

The financial services industry remains one of the most popular targets for cyber criminals and nation-state actors alike. The vast amounts of money, sensitive personal and financial data, and the essential services these organisations provide all make lucrative targets for cyber attacks. 

Financially-Motivated Attacks

Cyber criminals frequently target banks, insurance providers, funds, and related institutions in search of a payday. Ransomware attacks, as well as phishing and insider threats, are commonplace throughout the sector.

Regulatory Compliance

Financial services organisations are subject to regulatory bodies such as the Financial Conduct Authority (FCA) and are required to meet a higher standard of cyber security than many other Critical National Infrastructure (CNI) organisations. Non-compliance not only risks reputational damage with customers, but multi-million pound fines.

Data Breaches

Given how much sensitive data financial service organisations hold, data breaches pose a substantial risk. Depending on the scale of the breach, this could lead to fines and criminal/ non-criminal prosecution from regulatory bodies such as the ICO.

Our Award Winning Cyber Security Services for Financial Institutions

We’ve delivered cyber security services to a range of financial services organisations - from banks to cryptocurrency - helping them increase cyber resilience and defend against threats.


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Cyber Security Consultancy

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Managed Security Services

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Penetration Testing

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Data Privacy

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Download the 2024 Cyber Security in Financial Services Report Now

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CNI Research Report 2024 Financial Services

What are the Cyber Threats Faced by Financial Services in 2024?

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Lack of Trust in Cyber Tools

More than a third of respondents (36%) identified protection of critical assets, and trust in cyber tools as among their five biggest cyber security challenges.

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Phishing Attacks

Over the previous 12 months, phishing was the form of attack that UK financial services organisations most commonly experienced.

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Malware

Malware attacks are viewed as among the most significant current risks to financial services organisations’ IT systems – selected by 46% of respondents.

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Ransomware

59% of financial organisations surveyed experienced a ransomware attack in the previous 12 months.

Hear from Financial Services Organisations

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"Using the latest threat intelligence to mimic the behaviours of a real-world threat, this assessment gave our client a realistic understanding of the potential impacts of an attacker bypassing their external perimeter. "

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People in lab

A large financial organisation engaged with Bridewell to provide a testing scenario that could simulate a real-world attack scenario.

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Financial Services Insights

Over the next few years, dozens of new cyber security and data privacy regulations will come into effect across the globe.

To help you stay ahead of the regulatory landscape, we've put together our 'horizon scanning' pack, which breaks down each of the major pieces of legislation and how they may impact your organisation.

In this whitepaper, we look at:

  • When each of these regulations come into force, and when you can expect them to impact your operations
  • The scope of the regulations, and which sectors will be most affected
  • The resource requirement to address the regulations

Our horizon scanning pack is updated on a quarterly basis to reflect any changes in the regulatory landscape. In this latest version (Q2 2024), we cover:

United Kingdom

  • Data Protection Bill No. 2 (DDPI 2) 

Europe

  • EU AI Act 
  • Digital Operational Resilience Act (DORA) 
  • EU Accessibility Act
  • The Cyber Resilience Act
  • Network and Information Security Directive (NIS 2) 
  • EU Data Act 
  • EU Commission Draft Cookie Pledging Principles

United States

  • US AI Bill
  • Oregon Consumer Privacy Act (OCPA)
  • Montana Consumer Data Privacy Act (MCDPA)
  • Tennessee Information Protection Act (TIPA)
  • Indiana Consumer Data Protection Act (ICDPA)
  • Texas Data Privacy and Security Act (TDPSA)
  • Iowa Consumer Data Protection Act (ICDPA)
  • Florida Digital Bill of Rights (FDBR)
  • New Jersey Data Privacy Act (NJDPA)

Other Select Areas

  • The Digital Personal Data Protection Act, 2023 - India
  • Data Protection Act 2023 (the Act) - Nigeria
  • Brazil AI Bill - Brazil

Author: Chris Linnell, Data Privacy Principal Consultant

First Published: 06/02/2024

Last Edited: 22/02/2024

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