Financial services firms are ideal targets for hackers because they’re wealthy companies and hold vast amounts of accurate customer data that threat actors can profit from. This is backed up by the numbers, which show that 86% of breaches are financially motivated, and 72% of breaches involve large business victims. In addition, financial services firms are often built on large estates, using siloed legacy systems which makes them more vulnerable.

Financial services firms tend to dedicate a similar proportion of budget to cyber security as other industries, but this doesn’t reflect how disproportionally more they are targeted.