Data Breaches and Sensitive Information Exposure
Financial institutions handle vast amounts of sensitive data, such as personal identification and transaction histories. A breach can lead to serious consequences, including identity theft and fraud. Cybercriminals often exploit weak access controls or outdated software to steal data.

Phishing Attacks
Phishing remains one of the most common threats in the financial sector. Cybercriminals use deceptive emails to trick employees into revealing sensitive information. Training employees to recognise and report these attacks is crucial.

Ransomware Attacks
Ransomware attacks have surged, encrypting critical data and demanding ransom payments. The financial impact can be devastating, not only from the ransom but also from operational downtime and reputational damage.

Third-Party Risks
Financial institutions often rely on third-party vendors for services like cloud storage. These relationships introduce vulnerabilities. If a vendor experiences a security breach, the financial institution’s data could be at risk.

Inadequate Employee Training
Employees are often the weakest link in a cybersecurity strategy. Without proper training, they may unknowingly cause security breaches. Regular training sessions help equip employees with the knowledge to recognise and respond to threats.