By Jonathan Sharp
Cybersecurity is not an optional spend for financial institutions; it is a critical matter of survival, protecting your business, people, and reputation from a cyber breach. Everyone in the company, from the CEO to the staff, should be accountable for cybersecurity, changing how we think and operate online and with technology.
Cybercrime is now a national emergency; the National Cyber Security Centre (NCSC) and the National Crime Agency (NCA) announced they cannot fight cybercrime alone. Putting the onus on businesses to secure their systems and data, prioritising cybersecurity as a critical agenda item, and embedding it into every decision they make.
Financial institutions are prime targets for cybercrime because of the large amount of confidential data and transactions they manage. Cybercriminals steal data, funds, and disrupt markets, leading to losses and a decline in customer trust. This not only affects personal savings but can also threaten economic stability. Over the past 20 years, the financial sector has experienced more than 20,000 cyberattacks, resulting in losses of $12 billion (Advisen cyber loss data and IMF staff calculations).
A New Approach
To fight cybercrime, we must all change the way we think and operate in everything we do online and with technology. To secure people, processes and technology from cybercrime before it happens by implementing a secure IT network and business continuity strategy.
So, if a cyber-attack does occur, you can act either before it happens or immediately when it does and carry on as usual without facing major consequences.
How to Secure Against Cybercrime
Cybersecurity is not an optional spend for financial institutions; it is a critical matter of survival, protecting your business, people and reputation from a cyber breach. Everyone in the company, from the CEO down, should be accountable for cybersecurity. Security needs to be embedded into the culture of the company and to ensure it is, employees need to be educated on cybersecurity.
Education, Education, Education
It is imperative that employees are trained regularly on cybersecurity because human error accounts for a staggering 95% of cyber related incidents (Mimecast 2025). Training them through workshops and courses using phishing simulations where companies send employees fake but realistic phishing emails to test their ability to recognise threats and how they respond to it. Educating employees not to click on links, input passwords from phishing emails and messages, creating weak passwords and overall poor security hygiene.
It is vital to build a culture where employees feel compelled but comfortable to report any suspicious activity.
Robust Passwords
The easiest way for cybercriminals to hack into your network is through weak or repeated passwords. Enforce a rule requiring all employees to use complex, unique passwords that include a combination of uppercase and lowercase letters, numbers, and symbols to keep out cybercriminals. Provide a password manager on your systems to avoid employees having to remember them and make them more secure.
Multi Factor Authentication (MFA)
For an additional security layer, incorporate multi-factor authentication (MFA) for a second verification step. This could be a code sent to their mobile phone or an authenticator application. Research from Microsoft shows that MFA can block more than 99.2% of cyber-attacks.
Secure Devices
It is also critical not to leave work devices unattended in a public place, use a public Wi-Fi connection and in the office, employees need to ensure screen locks are activated. Protect all devices with encryption and have the ability to wipe data if they are lost or stolen. If employees use their personal devices for work, then have robust BYOD policies in place.
Secure Wi-Fi Networks
The Office for National Statistics reported that over a quarter of the UK workforce were hybrid working at the start of 2025 and with the rise in cybercrime a secure network is vital. Remote and hybrid workers should use a Virtual Private Network (VPN) so employees can connect securely making it harder for hackers. Without a VPN you are exposing yourself to an attack.
Update Software and Devices
If your software and devices are not kept to up to date then the cyber criminals will detect weaknesses in aged unpatched systems and devices. Businesses should implement strict patch management policies, enable automatic updates, and use reputable anti-virus and malware software.
Business Continuity Plan
Back up your data and follow the 321 rules where you have three copies of your data, stored on two different types of storage, one online and other offsite. Conduct tests regularly to ensure they can be restored and recovered should a disaster occur. A cybersecurity plan is evolutionary and requires constant updating, maintenance, and change.
AI for Good
Investing in a multi-layered security with perimeters, secure endpoints and AI monitoring that can detect threats and anomalies in real time. Providing protection for employees and customers that can be actioned before an attack happens.
AI can also be used to detect deepfakes, which are used by criminals in social engineering, so deploying a solution that can identify these irregularities can stop a cyberattack in advance. It is vital that employees are trained on spotting these in links and emails etc.
Building Trust
Building trust is a non-negotiable in the financial industry, so customers, suppliers and partners are eager to do business with a company that is secure and resilient, trusting you to protect their data and finances. This is also a legal requirement for GDPR requirements and Directors’ fiduciary duty.
Customers are scared to answer calls or respond to text messages due to the large number of scams out there, including pretending to be from a bank, mortgage company, debt collection agency or even someone pretending to be a child, begging their grandparent or parent for money. Solutions such as call and messaging branding build trust because customers see who the call or text message is from so they know it is not a scam call or text and will answer it. This helps increase trust and confidence in your services.
It is also paramount to have the latest and up to date security standard certifications such as ISO027001 and Cyber Essentials Plus certifications to build trust with all stakeholders.
Stake Holder Chain
The supply chain and customer environments are often one of the weakest links in cyber resilience. Third-party vendors are responsible for 41.8% of data breaches impacting leading fintech companies (SecurityScorecard) so it is critical to perform rigorous audits and ongoing compliance monitoring to ensure they are safe and do not expose your business to a cyber-attack.
Protect Yourselves and Your Customers
Beating cybercrime requires a collective effort among educational institutions, parents, the government, and businesses, which will take time. However, you don’t have that luxury, so it is your responsibility to safeguard your financial institution from cyberattacks by implementing the latest AI-powered real-time cybersecurity networks and solutions to protect your business, people, and technology. Don’t become a victim of cybercrime and act now before it’s too late for your business and reputation.
About the Author
Jonathan Sharp is the CEO of Britannic, where he leads initiatives that help organizations enhance business operations through technology and strategic change management. With a focus on innovation and collaboration, he works closely with clients and partners to create solutions that drive efficiency and sustainable growth.
