cybersecurity threats

Top cybersecurity threats for Fintech in 2025

Learn about the most pressing cybersecurity threats in Fintech and how to overcome them.
Sabrina Bonini Cybersecurity Content Specialist
Sabrina Bonini
Cybersecurity Content Specialist

The Fintech sector faces unique cybersecurity threats due to its highly liquid nature and the value of the assets it manages.

From phishing scams to sophisticated ransomware campaigns, cybercriminals are evolving their tactics to exploit vulnerabilities within fintech organizations. 

Staying ahead of these threats requires awareness and a robust, proactive security strategy. 

cybersecurity threats

The state of cybersecurity in Fintech

Recent reports highlight that the banking and fintech sector has experienced a 53% increase in cyberattacks, with a total of 4,414 incidents. In 2024, the fintech sector faced an increasingly complex and challenging cybersecurity landscape, characterized by highly sophisticated targeted attacks. 

Groups such as Lazarus carried out strategic infiltrations, using fake identities to gain access to technology and fintech companies, while cyber criminals such as Lockbit 3.0 used ransomware and data breaches to extort money from key entities. 

One such example occurred in June 2024, when Evolve Bank and Trust suffered a cyberattack that resulted in the leak of customer data on the dark web. The Lockbit 3.0 ransomware group claimed responsibility for the attack, publishing bank data and issuing ransom demands. 

These incidents highlight the critical need for fintech companies to implement proactive security measures that go beyond traditional defenses.

Top cybersecurity threats for Fintech companies in 2025

As we move into 2025, cybersecurity threats for Fintech companies are becoming more advanced, targeted, and difficult to detect. Understanding these threats is the first step in building a resilient defense.

These are the most pressing cybersecurity risks fintech organizations should be prepared to face—and how proactive strategies can help mitigate them:

Phishing attacks

Phishing attacks have grown increasingly sophisticated over time. Modern phishing campaigns no longer rely solely on generic emails with poor grammar; instead, attackers craft highly convincing messages tailored to specific individuals or organizations. These emails often mimic trusted entities tricking victims into disclosing sensitive information or downloading malicious attachments.

A significant trend is spear-phishing, where attackers target key individuals, such as executives or IT administrators, to maximize the impact. By leveraging personal details and contextual knowledge, these attacks easily bypass traditional email filters and catch victims off guard. 

Phishing has also become a gateway for more advanced attacks, such as ransomware or business email compromise (BEC). The emergence of multi-layered phishing strategies, including vishing (voice phishing) and smishing (SMS phishing), further complicates detection and prevention efforts.

Ransomware attacks

Ransomware attacks have also evolved significantly. Today, attackers not only encrypt an organization’s data but also threaten to release confidential information if the ransom is not paid. They can also conduct additional attacks, such as denial of service, to increase the pressure on their extortion. 

Modern ransomware attacks often employ double extortion tactics, where data is both encrypted and stolen, creating a dual threat for organizations. Triple extortion is another emerging trend where attackers target third parties or customers of the victim to amplify the pressure. 

According to recent reports, the average cost of a ransomware attack in 2023 exceeded $4.5 million, including recovery costs and ransom paid. The attacks frequently exploit vulnerabilities in software or rely on phishing campaigns to gain initial access, making robust patch management and employee awareness critical. 

Data Breaches

Data breaches have become one of the most critical threats in today’s digital landscape. These incidents involve unauthorized access to sensitive information, such as customer data, financial records, or intellectual property, often resulting in severe financial and reputational damage. 

According to IBM’s 2023 report, the average cost of a data breach reached $4.45 million, with recovery times stretching to months in many cases.

Attackers commonly exploit system vulnerabilities, such as weak passwords, unpatched software, or misconfigured databases, to gain access. While some breaches are the result of external attacks, others stem from insider threats, whether due to negligence or malicious intent. 

Code Vulnerabilities / Infrastructure Attacks

Code vulnerabilities and infrastructure attacks are problems that continue to cause headaches for technical teams and businesses alike. A flaw in the code, no matter how small it may seem, can become the perfect gateway for an attacker. These bugs are often not discovered until it is too late and the damage is done.

Attacks on infrastructure, meanwhile, are no less worrying. Misconfigured servers, exposed databases, or even forgotten but still active systems are a magnet for cybercriminals. They are not only looking to steal data but also to hijack resources for activities such as cryptocurrency mining or ransomware attacks.

Web3 and Crypto Heists

The rise of Web3 and cryptocurrencies has brought with it great promises of decentralization and autonomy, but it has also become fertile ground for theft and scams of historic proportions. So-called ‘crypto heists’ are not simple crimes; they are carefully planned operations that exploit flaws in smart contracts, digital wallets, or even in the infrastructure of decentralized platforms themselves.

While blockchain technology promises security, it is a constant reminder that no system is foolproof. The key is to audit the code rigorously, implement multi-layered security measures, and educate users about the threats. 

Social Engineering Threats

Social engineering threats demonstrate that the weakest link in security is not the system but people. Attackers do not need sophisticated technical exploits if they can trick someone into handing over sensitive information, accessing restricted resources, or even transferring money.

It is key to conduct exercises that mimic the techniques and tactics of cybercriminals when it comes to social engineering. With the rise of artificial intelligence, these threats are becoming more complex and realistic, becoming increasingly difficult to detect by the human eye.

Attacker Use of Artificial Intelligence (AI)

Attackers’ use of artificial intelligence (AI) has added a layer of sophistication to cybercriminal tactics. Malicious actors employ AI algorithms to automate attacks, such as in the creation of malware that adapts and evades traditional detections. In addition, AI is used to carry out more effective phishing attacks, generating personalized and convincing messages that increase the success rate. 

Attackers are also turning to AI to identify vulnerabilities in systems more quickly and accurately, allowing them to execute more targeted attacks. Cybercriminals’ use of AI not only increases the effectiveness of their strategies but also poses new challenges to traditional defenses, requiring a constant evolution of security measures to counter this emerging threat.

Protect your financial services with Clovr Labs

At Clovr Labs, we specialize in cybersecurity solutions tailored to the unique needs of the fintech industry. By combining innovation and proven methodologies, we help organizations address the most pressing threats with precision and efficiency.

Here’s how our solutions map to key threats in Fintech:

Liquid Threat Mapping
  • What it is: Identifies your most critical assets (e.g., bank accounts, crypto wallets) and maps out your risk landscape to prioritize mitigation efforts.
  • Threats Addressed: Fraudulent transactions, third-party risks, and cryptocurrency heists.
360 Attack Exposure
  • What it is: Simulates real-world attack scenarios through social engineering, vulnerability assessments, and penetration testing to uncover security gaps.
  • Threats Addressed: Ransomware, phishing, data breaches, infrastructure attacks, and social engineering threats.
Non-Linear Defense
  • What it is: Uses deception networks to deploy decoys that trap attackers, providing insights into their tactics and enabling proactive defense.
  • Threats Addressed: AI-driven attacks, advanced ransomware, and evolving phishing tactics.

With Clovr Labs, fintech organizations can stay ahead of cybercriminals and build robust defenses that grow stronger as threats evolve.

 

Ready to take the next step? Contact our team for tailored solutions designed to meet your organization’s unique needs.

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