Financial Services Sector
Cyber Threat Analysis
The financial services sector remains one of the most targeted industries worldwide, holding vast stores of sensitive customer, transactional, and operational data. Its interconnected systems, high transaction volumes, and reliance on digital services make it highly lucrative for cybercriminals.
In 2025, 65% of financial services firms reported experiencing a cyber security breach, highlighting the scale and frequency of attacks across the sector.
UK FINANCIAL SERVICE FIRMS ARE AT RISK
UK financial institutions face persistent cyber threats from ransomware, phishing, insider attacks, and third-party supply chain compromises.
Rapid digitalisation, regulatory pressures, and adoption of new technologies such as Artificial Intelligence and cryptocurrency increase both the attack surface and the complexity of defending critical systems.
Organised cyber crime groups, hacktivists, and nation-state actors are all actively targeting financial institutions, exploiting operational vulnerabilities and trusted business relationships to steal data, funds, and intellectual property.
HIGH-PROFILE FINANCIAL SECTOR CYBER ATTACK EXAMPLES FROM RECENT YEARS:
+ UBS, Switzerland
Swiss bank UBS confirmed that a cyberattack on an external supplier (Chain IQ) compromised data for more than 130,000 employees, exposing names, email addresses and phone numbers of staff including senior leaders. While client data was reportedly not accessed, the incident highlights how third-party vulnerabilities can ripple into major financial institutions.
+ ICBC Financial Services, USA/China
The U.S. financial services arm of Industrial & Commercial Bank of China (ICBC) was hit by a ransomware attack that disrupted systems used for trading U.S. Treasurys. The bank isolated impacted systems to contain the incident, demonstrating that even the world’s largest lenders are not immune to ransomware threats.
+ CryptoBank, USA
In mid-2025, a digital bank (CryptoBank) experienced a significant ransomware attack that encrypted customer data and demanded a multi-million-dollar cryptocurrency ransom. More than 10 million customer records were compromised, eroding customer trust and triggering regulatory scrutiny.
FINANCIAL SECTOR THREAT TRENDS
Reported experiencing some form of cyber security incident in 2025 - with a range of common attack vectors responsible, including ransomware attacks, phishing and third-party breaches.
£154,000
Of Financial Services Sector Firms…
The Average Cost of Losses Per Incident
Around 60% of businesses experienced Business Email Compromise (BEC) attacks in 2024, with the associated costs of such attacks averaging at more than £150k.
Of Phishing Campaigns…
£157B
Over 80% of phishing campaigns faced within the financial sector, target credential theft - with a particular focus on cloud services like Microsoft 365 and Google Workspace.
The Average Cost of Losses Per Incident
Around 60% of businesses experienced Business Email Compromise (BEC) attacks in 2024, with the associated costs of such attacks averaging at more than £150k.
65%
80%
UNIQUE SECTOR CHALLENGES & RISKS:
+ Ransomware & Operational Disruption
Financial institutions rely on uninterrupted systems for transactions, settlements, and client services. Ransomware attacks can halt operations, threaten data confidentiality, and force costly ransom payments, particularly with double or triple extortion tactics.
+ Supply Chain & Third-Party Exposure
Nearly all European financial firms experienced at least one third-party breach in 2024. Cybercriminals exploit vendors, software providers, or cloud platforms to gain indirect access, amplifying risk across multiple institutions simultaneously.
+ Business Email Compromise (BEC) & Impersonation
BEC remains a top threat, with 64% of financial firms impacted in 2024. Attackers impersonate executives, vendors, or internal staff to manipulate transactions, steal credentials, or disrupt communications, targeting both financial operations and client-facing systems.
WHAT METHODS ARE BEING EMPLOYED BY ATTACKERS?
+ SQL Injection Attacks
SQL injection attacks exploit vulnerabilities in poorly secured web applications and online banking platforms, allowing attackers to access, manipulate, or extract sensitive customer and transactional data. For financial institutions, successful SQL injection can lead to large-scale data breaches, regulatory penalties, and loss of customer trust.
+ Ransomware
Ransomware remains one of the most disruptive threats to the financial sector. Attackers encrypt critical systems and threaten to leak stolen data unless a ransom is paid. With high availability requirements and sensitive data at stake, financial organisations are often pressured to restore services quickly, making them prime targets for double and triple extortion campaigns.
+ Phishing Attacks
Phishing continues to be the primary entry point for many financial sector breaches. Cybercriminals use increasingly sophisticated, often AI-driven, emails and messages to steal credentials, bypass security controls, and facilitate fraud, ransomware deployment, or Business Email Compromise (BEC).
+ Distributed Denial-of-Service (DDoS) Attacks
DDoS attacks flood online banking platforms and payment services with traffic, rendering them inaccessible to customers. These attacks are frequently used to cause operational disruption, mask other malicious activity, or apply pressure during extortion attempts, particularly during periods of geopolitical tension.
HOW PURECYBER WILL SECURE YOUR ORGANISATION:
Comprehensive, 24/7 Active Threat Protection - Our combined cyber security solutions offer you a complete package of 24/7 protection, proactive threat intelligence, expert consultancy & real-world attack simulations to ensure you are prepared, compliant and secure.
Only need a particular service? Our team of expert cyber security and governance specialists will work alongside your organisation to offer support across a range of services:
Managed SOC Services:
From 24/7 Security Operations Centre (SOC) monitoring & MXDR (Managed Extended Detection & Response), to Threat Exposure Management (TEM), Vulnerability Scanning, Managed Detection & Response/Endpoint Protection, Phishing Simulations, Breach Monitoring and Incident Response, we have all the managed cyber security solutions you need to keep your network secure - safe in the knowledge that your systems are being monitored and protected by an expert team of cyber professionals.
Penetration Testing:
Identify potential vulnerabilities and weaknesses in your network/systems with Application Testing, Infrastructure Testing, Red Teaming & IT Health Checks. Our CREST certified team of penetration testers will push your network security to it’s limits, remediating vulnerabilities and offering insight into the health our your IT environment.
Governance Support:
Ensuring your organisation is compliant with regulatory requirements and expectations is the backbone of your organisational cyber security. As an NCSC Certified Assurance Provider, our consultancy services offer guidance and support in improving organisations cyber policies, achieving accreditations, auditing cyber posture and approach and reaching compliance standards.
Our certified team of Lead Auditors, Lead Implementors, and CISSP consultants are here to guide and support you on all aspect of your cyber security compliance needs including consultancy on CE, CEP & IASME, ISO27001, Incident Response Simulation, Cyber Security Audits, vCISO & Awareness Training.
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