The 2024 Identity Security Threat Landscape for financial services shows rising cyber debt driven by GenAI, machine identity risks, and vendor dependencies. Nine in ten firms reported breaches, with 93% citing digital transformation, hybrid work, and growing attack volumes as key challenges. AI-powered phishing, malware, and data leakage from compromised models are top threats. Machine identities now drive 2.2x growth, yet many still define privileged users as human-only, overlooking risks from machine accounts with sensitive access. Third- and fourth-party vendors amplify exposure, but vendor risk management ranks lowest in investments. Effective defenses include Zero Standing Privileges, phishing-resistant MFA, JIT access, and network segmentation.

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