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.
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.
Download the 2024 Cyber Security in Financial Services Report Now
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What are the Cyber Threats Faced by Financial Services in 2024?
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.
Phishing Attacks
Over the previous 12 months, phishing was the form of attack that UK financial services organisations most commonly experienced.
Malware
Malware attacks are viewed as among the most significant current risks to financial services organisations’ IT systems – selected by 46% of respondents.
Ransomware
59% of financial organisations surveyed experienced a ransomware attack in the previous 12 months.
Hear from Financial Services Organisations
Financial Services Insights
Our research found that cyber security decision makers in financial services are among the most confident in their cyber security posture, with strong people and processes in place to identify and address cyber threats.
However, as organisations in financial services near the completion of their digital transformation programmes, it is worth them evaluating if they have built the right capabilities and processes to secure these new technologies and working practices.
This whitepaper looks at the current level of maturity across financial service organisations and their level of preparedness for the most prevalent threats in their sector. Providing insights into the top attack routes, risks and vulnerabilities that they face, this whitepaper also uses Bridewell’s research to provide practical recommendations for improving their overall cyber security strategy and operations.
