‍Financial institutions are under constant attack, facing not just ransomware or phishing, but highly targeted exploits against the very systems that keep global finance running.

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Why the Financial Industry Faces Unmatched Cyber Risks

Banks, payment processors, and investment firms hold trillions in assets and highly sensitive customer data. Unlike other industries, cyberattacks are about financial manipulation, systemic disruption, and regulatory non-compliance.

Attackers are evolving, leveraging zero-day exploits, supply chain breaches, and even AI-driven fraud tactics to infiltrate financial networks. The risks are amplified by:

• Legacy banking systems still in operation decades past their prime.
• Third-party fintech integrations that expand the attack surface.
• Real-time transaction processing that limits the window for detection and response.
• Aggressive regulatory scrutiny, where a breach can mean multi-million-dollar fines.

A failure to address these vulnerabilities can destabilize entire financial markets.

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Real-World Vulnerabilities: How Hackers Breach Financial Systems

Cybercriminals exploit specific, documented vulnerabilities in banking software, payment gateways, and financial APIs. Here are some of the most recent and critical ones affecting the financial sector:

1. Unpatched Core Banking Software (CVE-2023-34362)

Many banks still rely on legacy banking platforms, some dating back to the early 2000s. A perfect example is Progress MOVEit Transfer (CVE-2023-34362), a SQL injection vulnerability exploited to exfiltrate sensitive data from financial institutions. Hackers leveraged this flaw in ransomware attacks on global banking networks, exposing transaction histories and customer data.

Despite warnings, many banks have yet to apply the necessary patches, leaving them exposed to repeated attacks.

2. ATM & POS System Exploits (CVE-2022-26352, CVE-2021-3019)

ATMs and POS systems remain some of the weakest links in financial cybersecurity. The CVE-2022-26352 vulnerability exposed a remote code execution flaw in ATM management software, allowing hackers to jackpot ATMs—forcing them to dispense cash at will.

Similarly, CVE-2021-3019 in popular POS payment software enabled attackers to intercept and manipulate transactions in real-time, leading to widespread fraud.

3. API Security Failures in Fintech Integrations

Banks are increasingly integrating with third-party fintech services, but poorly secured APIs create massive vulnerabilities. Unsecured or improperly authenticated APIs allow attackers to:

• Extract customer financial data using broken access controls.
• Manipulate wire transfer requests to reroute funds.
• Intercept encrypted payment transactions via man-in-the-middle attacks.

The 2022 Revolut breach, which exposed over 50,000 customers’ financial details, was caused by an API misconfiguration that allowed attackers to bypass security measures and retrieve sensitive data.If financial firms fail to secure their API endpoints, these types of breaches will only increase.

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Why Traditional Security Measures Aren’t Enough

Most financial institutions rely on traditional security controls—firewalls, antivirus software, and routine audits. But modern attacks bypass these defenses with ease.

A zero-trust model is no longer optional. Financial firms must:

• Segment networks to prevent lateral movement inside systems.
• Implement continuous threat detection instead of periodic security scans.
• Mandate multi-factor authentication (MFA) across all financial applications.
• Enforce real-time anomaly detection to catch fraudulent transactions as they happen.

Banks that still rely on delayed fraud detection methods are giving attackers the time they need to disappear with stolen assets.

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Financial Industry Compliance: The Double-Edged Sword

Regulatory bodies like the European Central Bank (ECB), SEC, and FINRA enforce strict cybersecurity requirements for financial institutions. But compliance doesn’t equal security.

Many firms focus on passing audits instead of actively defending their networks. This is why attackers target compliant institutions—because they know security gaps still exist.

Key financial security regulations like DORA (Digital Operational Resilience Act) in the EU and GLBA (Gramm-Leach-Bliley Act) in the US now mandate stricter incident reporting and risk assessments. Non-compliance penalties have skyrocketed, with some banks facing fines exceeding $100 million for inadequate cybersecurity measures.

Financial firms can’t afford to be reactive anymore.

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How SECIAN Protects Financial Institutions from Advanced Cyber Threats

At SECIAN, we specialize in securing high-risk financial environments, going beyond basic compliance to deliver real-world cyber resilience.

We provide:

🔹 Core Banking Penetration Testing – Identifying vulnerabilities before attackers do.
🔹 API Security Hardening – Ensuring fintech integrations don’t become security liabilities.
🔹 Threat Intelligence for Financial Institutions – Real-time monitoring of emerging financial cyber threats.
🔹 Regulatory Compliance Audits – Ensuring adherence to DORA, GLBA, and PCI DSS.
🔹 Incident Response & Forensic Analysis – Rapid containment and forensic investigation of cyber incidents.

Hackers aren’t waiting, and neither should you.