Explore the cyber security threats facing UK financial services, from Open Banking and shadow APIs to ransomware, phishing, human error and third-party risk.
Over a quarter of UK cyber attacks target financial services. Is your organisation ready?
Financial gain has been the number one motive for cyber threat actors since 2015, so it is no surprise that criminals target the organisations that handle the money. In 2022, more than a quarter of all UK cyber attacks were aimed at the financial services and insurance industry. When the Bank of England polled 65 senior executives, 74% rated a cyber attack as the greatest risk facing the sector, ahead of inflation and geopolitical instability.
Open Banking reform has transformed the financial services threat landscape. The rise of third-party providers and open APIs has increased the attack surface, while shadow APIs, ransomware, Ransomware-as-a-Service, phishing, weak passwords, misconfigured web servers and unpatched devices continue to create risk.
This report explains the cyber threats reshaping UK financial services and why employee awareness, secure behaviours and cyber security culture remain central to reducing human error and protecting sensitive financial data.
In this free eBook, you'll discover:
Reduce human error risk in financial services
TSC helps financial services organisations strengthen security awareness and behaviour change with practical training focused on phishing, ransomware, password security, data protection, Open Banking risks, shadow APIs and the everyday human behaviours that attackers exploit.
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Financial services cyber security FAQ
Why are financial services targeted by cybercriminals?
Financial services organisations are targeted because they handle money, customer data, payment systems, personal information and sensitive financial records. Cybercriminals are financially motivated and use phishing, ransomware, credential theft and API exploitation to access valuable systems and data.
What are the biggest cyber security risks in UK financial services?
Key financial services cyber security risks include Open Banking exposure, shadow APIs, third-party provider risk, ransomware, Ransomware-as-a-Service, phishing, weak passwords, misconfigured systems, unpatched devices and accidental data disclosure.
How can financial services organisations reduce cyber risk?
Financial services organisations can reduce cyber risk by improving staff security awareness, securing APIs, monitoring third-party access, strengthening passwords and MFA, reducing phishing risk, patching devices, improving data handling and building a security culture that reduces human error.
