Cybersecurity Challenges in Financial Institutions

Financial institutions face escalating cybersecurity challenges due to increasing geopolitical tensions, which often lead to targeted attacks on their supply chains. These organizations are especially vulnerable to ransomware attacks and data breaches, where adversaries bypass direct assaults on banks and exploit dependencies within the supply chain. As a result, banks must remain vigilant and comply with stringent regulatory frameworks like the EU’s PSD2 and ORA to protect their operations. Balancing effective compliance with operational efficiency poses significant difficulties, as institutions must navigate the complexities of updating legacy systems while adapting to the evolving cyber threat landscape.