Did you know that the average cost of a breach is around $5 million? The financial sector has become a primary target for cybercriminals in 2025 due to the large financial returns that can be obtained from victims' financial data. Cybercriminals are mostly motivated by financial gain, and large financial rewards make these targets attractive.

Here are the top five cyber threats that financial institutions face and what you can do to defend your organization.

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1. Ransomware Attacks

Experts believe that by 2025, attackers will increasingly use automation to create even more stealthy new malware—emerging ransomware groups like FunkSec have already claimed to use AI in their malware variants. The effect of this technique on financial organizations includes operational disruptions, financial losses, reputational damage, and potential fines for data leaks.

» Learn more about ransomware

Key Techniques Used By Attackers

• Phishing: Where attackers send deceptive emails or messages to trick victims into clicking malicious links or opening infected attachments. This is often the initial point of entry for ransomware as attackers tend to impersonate legitimate members of staff.
• Credential stuffing/brute-force attacks: Attackers may attempt to guess or steal login credentials to gain unauthorized access to systems. Although this method isn't the most efficient, it can be successful against organizations with weak or predictable security.
• Lateral movement: After gaining initial access, attackers often move laterally within a network, spreading the ransomware to other systems and maximizing the damage.
• Double extortion: A newer tactic where attackers not only encrypt files but also threaten to publish sensitive data if the ransom is not paid, putting even more pressure on victims to comply.

» Learn how to prevent phishing attacks before they catch you

Defense Strategies for Ransomware

• Regular data backups: Regularly back up your data to an offsite location or cloud service that's not accessible from the primary network. If your files are encrypted, you can restore them from your backups and minimize the impact of the attack.
• Vulnerability patching: Keep your software and systems up to date with the latest security patches, which closes the vulnerabilities that cybercriminals exploit.
• Employee awareness training: Educate your employees about the dangers of phishing and other social engineering tactics. Teach them how to identify suspicious emails and links. Regular training and simulated phishing campaigns can significantly improve your organization's security posture.
• Incident response plans: This should outline the steps to take in the event of a ransomware attack, including roles and responsibilities, communication protocols, data recovery procedures, and law enforcement contact information.

» Did you know? Ransomware groups are selling network access directly

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2. GenAI

Generative AI (GenAI) is revolutionizing many fields such as art, design, and content creation, but it's also empowering cybercriminals and creating a new landscape of threats that organizations must be prepared to face. Cybercriminals are already using generative AI to enhance their scams, with more sophisticated social engineering attacks and new phishing tactics. It has lowered the barrier to entry for sophisticated cyber operations.

» Learn more about generative AI and cybercriminals

Key Techniques Used By Attackers

• Enhanced phishing: GenAI can create highly personalized and convincing phishing emails, mimicking the writing style and tone of specific individuals. This makes it much harder for recipients to distinguish legitimate emails from malicious ones.
• Deepfake impersonation: Deepfakes can be used to impersonate trusted figures, making requests or spreading misinformation that victims are more likely to believe. This can be used in phishing campaigns, business email compromise (BEC) attacks, and even to manipulate stock prices or influence public opinion.  
• Automated social engineering: GenAI can automate the process of social engineering, creating personalized messages and interactions at scale. This allows attackers to target a much larger number of victims with tailored scams.  
• Malware creation: While still emerging, there's potential for GenAI to be used to create more sophisticated and evasive malware and infostealers. AI algorithms could be used to generate code that is harder for antivirus software to detect.  
• Content generation for scams: GenAI can be used to create realistic-looking fake websites, articles, and social media posts. This content can be used to lure victims into scams or to spread misinformation.

» Make sure you understand the most targeted entry points by attackers

Defense Strategies for GenAI

• AI-powered threat detection: GenAI can be a powerful tool for analyzing massive datasets in real-time to identify suspicious patterns and anomalies that might indicate an attack. AI algorithms can learn and adapt to evolving threat landscapes, making them highly effective in detecting and preventing GenAI-driven attacks.
• Deepfake detection: AI algorithms can analyze video and audio content to identify inconsistencies and artifacts that are indicative of manipulation. This technology is constantly evolving, improving in its ability to spot even the most sophisticated deepfakes.
• Proactive threat intelligence: AI can be used to analyze threat intelligence data and predict potential attacks. By identifying patterns and trends, organizations can proactively strengthen their defenses and mitigate risks before they materialize.
• Anomaly detection in user behavior: AI can learn the normal behavior patterns of users within an organization. Any deviations from these patterns, such as unusual login times or access to sensitive data, can be flagged as potential security threats.

» Not convinced? Here are the reasons you need cyber threat intelligence

3. Cyberespionage

The consequences can be devastating, ranging from the loss of competitive advantage and shattered corporate reputations to compromised national security. The increasing geopolitical tensions we see across the globe are only fueling these attacks, as nation-states and other actors seek commercial advantages or aim to conduct political disruption operations.

Key Techniques Used By Attackers

• Advanced persistent threats (APTs): These are sophisticated, long-term attacks designed to infiltrate a target's network and remain undetected for extended periods.
• Spear-phishing: Highly targeted phishing attacks aimed at specific individuals within an organization. These emails are often crafted to appear as though they are from a trusted source, making them more likely to succeed.
• Malware deployment: Cyberespionage campaigns often involve the use of custom-built malware designed to evade detection and steal specific types of data. This malware can be delivered through various means, including email attachments, infected websites, or even USB drives.
• Zero-day exploits: Attacks that exploit previously unknown vulnerabilities in software or systems. These exploits are particularly dangerous because there are no patches available to protect against them.

» Make sure you understand the difference between leaked credentials and compromised accounts

Defense Strategies for Cyberespionage

• Collaboration with government agencies: Government agencies often have access to information about emerging threats and can provide valuable guidance and support. Sharing threat intelligence and working with government agencies and threat intelligence analysts can help organizations stay ahead of the curve and better defend against cyberespionage attacks.
• Advanced threat detection: Implementing advanced threat detection techniques, including AI-powered security solutions, can help organizations identify and respond to cyberespionage attempts more effectively.
• Robust data protection measures: Implementing strong data protection measures, such as encryption and access controls, can help prevent sensitive information from being stolen. Regularly backing up critical data and ensuring backups are secure is also essential.
• Zero trust security: Assuming that no user or device is trusted by default can help limit the impact of a cyberespionage attack. This approach requires verification for every access attempt, regardless of whether the user is inside or outside the network.

4. Supply Chain Attacks

The increasing reliance on technological relationships has unfortunately created a complex web for supply chain attacks. The complexity of modern supply chains and the near impossibility of thoroughly mapping every single connection leave financial institutions particularly vulnerable to sophisticated cyberattacks.

Key Techniques Used By Attackers

• Compromising third-party software: Attackers may inject malicious code into software updates or applications distributed by a third-party vendor. When the software is installed by the target organization, the malware is deployed within their network.
• Targeting smaller vendors: Smaller vendors often have less robust security measures than larger organizations, making them easier targets. Compromising a smaller vendor can provide attackers with a stepping stone to larger, more valuable targets.
• Using third-party access credentials: Attackers may steal or obtain legitimate access credentials to third-party systems, allowing them to gain unauthorized access to the target organization's network.

Defense Strategies for Supply Chain Attacks

• Supply chain risk assessment: Conduct thorough risk assessments of your supply chain to identify potential vulnerabilities. Map your critical vendors and partners and evaluate their security posture—or let experienced cybersecurity professionals do it for you.
• Contractual security requirements: Include strong security requirements in contracts with vendors and partners that specify the security controls they must implement and the data protection measures they must adhere to.
• Collaboration and information sharing: Share threat intelligence and security best practices with your vendors and partners. Collaborate on security initiatives to improve the overall security posture of the supply chain.
• Multi-factor authentication (MFA): Require MFA for all access to critical systems and data, including access by third-party vendors. This can help prevent unauthorized access even if credentials are compromised.
• Network segmentation: Segment your network to limit the impact of a supply chain attack. If one part of the network is compromised, it can be isolated to prevent the threat from spreading to other critical systems.

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5. Quasi-APTs

While not necessarily backed by a nation-state, quasi-APTs still employ sophisticated techniques and advanced malware to carry out their attacks, demonstrating a deep understanding of the inner workings of financial organizations.

Key Techniques Used By Attackers

• Targeted malware: Quasi-APTs often utilize custom-built malware designed specifically to target financial systems and data. This malware can be highly sophisticated, employing techniques to evade detection by traditional antivirus software.
• Social engineering: While not always nation-state level sophistication, these groups understand how to manipulate people into divulging sensitive information or performing actions that compromise security. This can include highly targeted phishing campaigns, business email compromise, or even impersonating trusted individuals.
• Lateral movement and privilege escalation: Once inside a network, quasi-APTs often move laterally, spreading throughout the system to gain access to more valuable data and systems. They also attempt to escalate their privileges to gain administrative control.
• Denial-of-service (DoS) attacks: In some cases, Quasi-APTs may use DoS attacks to disrupt services and temporarily shut down financial organizations and networks in order to extort them. This might be implemented alongside ransomware.

Defense Strategies for Supply Chain Attacks

All of the defense strategies discussed for the other cyber threats can be used against quasi-APTs, including:

• Incident response planning
• Cyber threat intelligence
• Security awareness training
• Zero trust security
• Vulnerability management
• Collaboration and information sharing

Lock Down Cybercrime With Cyber Threat Intelligence

Cyber threat intelligence (CTI) allows financial organizations to prioritize efforts in addressing the most relevant risks for their own situational context and providing data on active threat actors, their targets, and their likely objectives. It's essential in securing your organization with better and more strategic responses to cyber incidents backed by professionals, especially against the growing threats facing the financial sector.

That's where the KELA Cyber platform comes into play, allowing the identification of possible credential leaks in deep web forums and marketplaces, managing vulnerabilities before they're exploited, and enhancing your overall security posture.

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