The 2023 financial services threat landscape shows that the sector remains a prime target for cybercriminals due to its wealth and interconnected nature. Ransomware groups like Clop, LockBit, Alphv/BlackCat, Black Basta, 8Base, and Royal dominate attacks, often exploiting email-borne threats, phishing, BEC schemes, vulnerabilities, and credential access. The average breach cost reaches $5.9 million, with 39 percent of ransomware incidents tied to Clop and 51 percent of breaches occurring in the U.S. Unique risks stem from sensitive data, regulatory demands, third-party dependencies, and trust-based relationships. Emerging threats include AI-driven attacks, ransomware evolution, and supplier risk.

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