Financial services firms absorb 18.3% of all phishing attacks globally, according to the FBI's 2024 IC3 report, a distinction that comes with the territory when money lives in your servers. Business email compromise, synthetic identity fraud, and ransomware now operate at industrial scale against banks and investment firms, with IC3 tallying nearly $8.5 billion in BEC losses across all sectors between 2022 and 2024. The second-highest average data breach cost of any industry confirms that cybercriminals follow the money.
Financial institutions absorbed 18.3% of all phishing attacks in 2024 and face an average breach cost of $5M. Here is the real threat landscape and what the most resilient firms do differently.