2023 Financial Services Sector Threat Landscape Report

The document is a report detailing the 2023 Financial Services Sector Threat Landscape, focusing on Trustwave's threat intelligence and mitigation strategies. It outlines the vulnerabilities of the financial services industry, emphasizing the sector's attractiveness to cybercriminals due to the substantial financial rewards and sensitive data it holds. The report presents statistics on the average cost of data breaches in this sector, noting that it is second only to healthcare in terms of breach costs. It identifies key factors contributing to the industry's vulnerability, including the presence of sensitive customer data, regulatory complexities, and the interconnectedness with third-party vendors. The report also highlights significant trends affecting the industry, such as the rise of generative AI and ransomware. Furthermore, it analyzes specific attack flows and tactics employed by various threat actors, providing actionable intelligence and recommendations for financial institutions to enhance their cybersecurity measures and protect customer data.