Primary

Cybercriminals love financial services. With significant transaction volumes and highly sensitive data loaded onto complex systems rife with gaps and vulnerabilities, threat actors can’t resist. So far in 2024, the average cost of a data breach in the financial sector hit a staggering $6.08 million, rising 3% over the previous year. For comparison, that’s over a million dollars more than the average breach cost across all industries. And let’s not forget the ripple effects: damaged reputations, lost consumer trust, and increased regulatory scrutiny.

With sensitive data and high-stakes operations in play, financial organizations face a relentless onslaught of attacks. From phishing schemes to insider threats and ransomware, the risks are daunting—but they’re not insurmountable.

Let’s look at some ways threat actors make bank by going after financial services organizations and, more importantly, how a secure enterprise browser like Primary can act as your Fort Knox.

The Big Hits: Breaches Making Headlines

Financial institutions don’t just handle money—they also manage treasure troves of personal and transactional data. In early November, Finastra, one of the world’s largest financial technology providers, revealed that hackers sold 400 gigabytes of stolen data, including files tied to 45 of the top 50 global banks. The breach was attributed to compromised credentials. Just before that, a Fidelity Investments breach exposed the sensitive information of 77,000 customers, including Social Security numbers and account details. These recent incidents join a growing list of breaches highlighting system vulnerabilities, third-party integrations, and inadequate access controls across the sector.

The Anatomy of a Financial Services Cyberattack

Hackers exploit vulnerabilities ranging from human error to technology gaps. Some of the most common and costly tactics include:

Phishing and Social Engineering: Emails designed to manipulate employees into revealing sensitive information remain a top threat for financial institutions. Phishing campaigns are pervasive and increasingly sophisticated, with nearly 3.5 billion spam emails sent daily. In 2024, the financial services industry was the most impersonated sector in phishing scams, with attackers mimicking trusted financial brands to lure victims into sharing credentials or downloading malicious software. These tactics are particularly effective because they exploit the trust consumers and employees place in financial institutions, making scams harder to detect and prevent.
Ransomware: Ransomware attacks, where malware encrypts or blocks access to data until a ransom is paid, are another growing threat to financial institutions. In 2023, ransomware incidents in the financial sector increased by 63%, driven by attackers' ability to exploit weaknesses in outdated systems and third-party services. The financial industry is particularly vulnerable due to its reliance on time-sensitive operations. Downtime caused by ransomware can disrupt transactions, harm customer trust, and lead to regulatory penalties. Recent examples highlight attackers' increasing sophistication, with some using double extortion tactics—demanding payment to restore systems and prevent the public release of sensitive customer or corporate data.
Insider Threats: Whether from malicious intent or unintentional mistakes—insider threats are a growing risk for financial organizations. Around 74% of breaches involve a human factor, underscoring the critical need for employee training and monitoring solutions. These threats are also increasingly costly, with insider activity projected to contribute to an $8 trillion global annual loss by 2025, driven by misuse of access and insufficient safeguards.
Third-Party Risks: The potential for vulnerabilities grows as financial institutions expand their reliance on third-party service providers. A ransomware attack on a cloud IT service provider, for example, can lead to simultaneous outages across multiple organizations. Managing these risks requires robust vendor management programs and end-to-end visibility into third-party systems.
DDoS Attacks: Distributed Denial-of-Service (DDoS) attacks have surged in the financial sector, overwhelming servers with massive traffic spikes and rendering critical online services inaccessible. The implications can be severe, from customer dissatisfaction to revenue loss.
Regulatory Compliance Challenges: The financial services sector operates under stringent regulatory frameworks like GDPR and KYC requirements. Many institutions struggle to manage digital identities and sensitive data while remaining compliant, creating vulnerabilities that attackers can exploit.

These attacks often have one thing in common: they exploit outdated, unsecured systems and inadequate access controls.

How Primary’s Secure Enterprise Browser Helps

Primary’s Secure Enterprise Browser provides financial organizations with the tools to outsmart cybercriminals. It’s not just a browser—it’s a foundational layer of defense purpose-built for today’s complex and evolving threats. Here’s how:

Dynamic Policy Enforcement: Every organization has unique workflows, roles, and access needs. Primary’s browser enables real-time security policy adjustments based on user roles, devices, locations, and contextual factors like time or network. For example, sensitive data can be restricted to approved devices or accessed only during working hours. This granular control could have prevented unauthorized access in breaches like Finastra’s, where compromised credentials exposed a massive trove of client data.
Zero Trust Architecture: With a Zero Trust model, Primary ensures continuous authentication and verification, making every interaction within your system secure. This approach assumes that every user and device is a potential risk until proven otherwise. Unlike traditional defenses that focus on keeping attackers out, Zero Trust limits the damage even if attackers gain access. Stolen credentials alone aren’t enough—hackers face additional layers of verification that shut them down before they can act.
Advanced Threat Defense: Cybercriminals exploit vulnerabilities to infiltrate systems and spread malware, but Primary isolates threats at the browser level before they can penetrate deeper. By sandboxing potentially risky activities, Primary prevents the lateral movement of ransomware, ensuring that a single weak link doesn’t lead to widespread compromise. With double extortion ransomware attacks on the rise, this capability is vital for financial institutions.
Seamless Integration: Financial institutions rely on a mix of legacy systems, third-party tools, and cloud services. This complexity often introduces security gaps. Primary’s browser integrates seamlessly with existing tech stacks, offering robust security without disrupting workflows. Whether managing compliance with regulatory frameworks or protecting sensitive customer data, the browser ensures a smooth and secure experience across platforms.
Enhanced Visibility and Control: Beyond protecting against breaches, Primary empowers IT teams with greater visibility into user behavior and system activity. From identifying unusual access patterns to enforcing data governance policies, Primary’s browser gives organizations the insights they need to stay ahead of potential threats.

The Business Case for Smarter Security

Organizations that invest in advanced tools like Security AI and automation report significantly lower breach costs. Companies leveraging these technologies saved an average of $1.76 million per incident in 2024. Primary’s Secure Enterprise Browser protects sensitive data and delivers ROI through enhanced resilience and operational efficiency.

Cybersecurity for financial institutions isn’t just about meeting compliance requirements—it’s about protecting trust. Financial organizations can address evolving threats by adopting Primary’s Secure Enterprise Browser while maintaining seamless operations.

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