With the advancement in the digitized world and the financial sector, there is advancement seen in cyberattacks. Most people do not risk their money and now save it in banks or a financial institution to protect it.
Key Takeaways
- Financial Vulnerability: Banks are high-priority targets for cybercriminals due to their direct link to liquid assets and sensitive personal data.
- Consumer Protection: In most jurisdictions, cybersecurity laws protect depositors’ money, ensuring consumers do not bear the financial loss of a bank breach.
- Major Historical Breaches: Significant attacks on Equifax, Capital One, and First American Financial have exposed hundreds of millions of records.
- Primary Threats: Ransomware, cloud-based exploits, and supply chain attacks are the most prevalent methods used to compromise financial institutions.
The secure systems need to be updated regularly. The financial sector has always been the red target of cyberattacks. This sector needs support from the government and other security systems for protection from such attacks.
Almost all kinds of industries have faced cyber threats of some scale. But some industries, especially the financial industry, are targeted much more. The reason is that they have a direct link to money. Spammers can gain access to people’s information.
Cyberattacks are on the rise, and necessary measures should be taken. Therefore, the aim of all industries nowadays is to protect their clients’ information and have a solution for all possible cybercrime attacks.
What happens if a bank faces a cyberattack?
When a bank faces a cyberattack, the fallout is usually immediate and can affect customers, operations, and compliance.
- Service disruption: Online banking, ATMs, card processing, or internal systems may go offline.
- Data exposure: Sensitive customer, employee, or transaction data may be accessed or leaked.
- Financial loss: Fraud, theft, ransom payments, and recovery costs can add up quickly.
- Reputational damage: Customer trust can drop fast, especially after a public breach.
- Regulatory scrutiny: Banks may face reporting obligations, audits, and enforcement actions.
Almost all banking systems have faced one or another form of cyberattack. And not so surprising is that the number of cyber threats is still increasing. Many specialists believe that one big reason for this increase in cyberattacks is the interconnectivity of banks, which increases cyber risk. When more banks share information and sensitive data, it becomes easier for cyber attackers to hack their systems.
As a consumer, you don’t have to worry much about your money going anywhere. Why? The law is there to protect you and your money.
According to most cybersecurity laws, the depositor’s money has to be protected in all cases, and they shouldn’t have to face any financial issues.
Financial institutions that have been hacked
While several financial institutions have been hacked, we have narrowed down the top data breaches of recent times:
First American Financial Corporation
This attack occurred in May 2019 due to a slight error in the website design and a small privacy lapse. The spammers could get their hands on 885 million financial transactions made to real estate agencies.
They also got their hands on sensitive information like the contract dealers’ names, email addresses, and phone numbers.
Equifax
This data breach occurred in Sep 2017 and got notoriously famous around the globe. It is considered amongst the worst data breaches ever. This was nothing more than a disaster, as it affected more than 147 million people.
It is estimated that around 40% of the American population was affected. And what was the cause? Just mismanagement and too much compliance from the cybersecurity team. Several cyber threats were ignored and taken too lightly. As a result, the cyber risk increased, and the financial industry faced data breaches and a huge setback.
The names, dates of birth, security numbers, driving license numbers, and credit card details of these 147 million people were leaked. Equifax had to pay a rightfully $700 million fine applied by the government.
Capital One
This data breach occurred in March 2019. It is estimated that 100 million credit card applications were exposed. This was a huge breach as it affected the people of the United States and Canada.
Highly sensitive data was leaked, including security, insurance, and account numbers.
After such a severe drawback, unfortunately, the company could not stand on its feet again. The amount of data breached and its impact have labeled this event as the most horrible data threat in the financial industry.
Evolve Bank & Trust
This breach was reported in June 2024, highlighting how quickly a security incident at a financial institution can disrupt customers and expose sensitive data.
SitusAMC Vendor Breach
This vendor-related incident (2025) affected mortgage and financial services workflows, showing how third-party access can ripple across multiple institutions at once.
French Ministry leak
This leak (2024) underscored that financial data risk is not limited to banks alone—government-linked disclosures can also expose sensitive records tied to financial identities.
Are U.S. banks under cyberattack?
Yes—U.S. banks remain in the crosshairs. Attacks range from financially motivated cybercrime to state-sponsored activity, and the threat is ongoing enough that most institutions treat cyber risk as a board-level priority.
A U.S. banking firm has also reported that they could not protect themselves from a cyberattack where personal information, including the identity and social security numbers of at least 1.5 million people, was stolen from its computer in December 2021.
The biggest concern is that, even though U.S. banks are said to have the best security system in the world, their customers’ information is still under threat.
What are the cyber threats to banks?
Several cyber threats to banks and other financial industry-related companies include:
Ransomware attacks
Ransomware is the oldest and most common cyber threat to any financial institution. The attackers can strike the database and gain entry into the important files, encrypting them and blocking the original owners.
The users can no longer use the system. The hackers then demand a lonesome amount of money for re-accessing. Ransomware attacks and threats have almost been there since the start, and there should be a lot more focus on preventing such attacks. The point of concern is that the number of such threats is increasing.
Cloud attacks
In this type of cyber risk or threat, hackers try to access the information stored in the cloud. The number of such attacks has risen as this is an easier and faster method to hack.
The banks need to look out for the security systems of the cloud and whether it’s functioning properly. There shouldn’t be any loopholes.
Supply chain attacks
This is a very cheeky method used to get access to customers. They target a software vendor and then send malicious code to the consumers, which might seem very original and honest but is 100% fake. Not only codes, but they make fake calls as well. A recent reminder: the 2025 compromise of mortgage-services vendor SitusAMC exposed multiple banks at once, proving just how quickly a supply-chain breach can spread.
So as a customer, we suggest you ensure that the messages and calls you receive are from a trusted source and never share your details or sensitive information on-call with anyone. In case of any doubt, call your bank’s support system number.
Conclusion
Protection from cyber risks is becoming the top priority for financial institutions. The risk of data getting encrypted and leaked is not affordable by any financial industry. Several threats are received every day. These require protection and support from the government and security systems. There have been many cases in the past from which we can learn to protect our records.
FAQ
What happens if a bank faces a cyberattack?
In most cases, your deposited money is protected (for example, via FDIC insurance at eligible U.S. banks), but access to services and the handling of your personal data can still be disrupted.
- Systems may go offline: Online banking, card payments, or ATMs can be limited.
- Forensics begins: The bank investigates how the attacker got in and what was impacted.
- Notifications go out: You may receive breach notices and guidance on next steps.
- Funds protections apply: Depending on the incident type and jurisdiction, consumer protections and bank policies may limit your financial liability.
- You may need to act: Reset passwords, monitor statements, and follow the bank’s fraud-response instructions.
Are U.S. banks under cyberattack?
Yes—every day. Banks are targeted because they process high volumes of money and hold high-value identity data.
- Credential theft: Stolen passwords and MFA fatigue attacks aimed at online banking access.
- Ransomware: Attempts to disrupt operations and extort institutions.
- Third-party compromise: Vendor and supply-chain incidents that spread across multiple organizations.
What are the cyber threats to banks?
- Ransomware: Data is encrypted and held for payment.
- Phishing and social engineering: Tricks staff or customers into handing over credentials.
- Business email compromise (BEC): Fraudulent payment instructions and invoice interception.
- Cloud misconfiguration and exploits: Loopholes in cloud storage and identity setups.
- Supply-chain attacks: Compromised vendors distribute malicious code or expose shared data.
- DDoS attacks: Floods services to cause outages and distract responders.
What banks have been hacked recently?
- SitusAMC Vendor Breach (2025): A vendor compromise that exposed multiple institutions at once.
- Evolve Bank & Trust (2024): A modern reminder that banks remain attractive targets.
- Capital One (2019): About 100 million credit card applications exposed.
- First American Financial Corporation (2019): 885 million transactions exposed due to a website issue.
- Equifax (2017): 147 million people affected after ignored security issues.
How can I tell if my bank account was hacked?
- Unexpected withdrawals or transfers you don’t recognize.
- Login alerts from new devices/locations you didn’t use.
- Password, email, or phone changes you didn’t request.
- New payees or beneficiaries added to your account.
- Denied access (locked out) or repeated MFA prompts you didn’t trigger.
What should I do if my bank account is hacked?
- Contact your bank immediately using the official number on the back of your card or the bank’s website.
- Freeze or lock the account/cards if your bank supports it.
- Change passwords and enable MFA on banking and email accounts tied to alerts.
- Review recent transactions and dispute any you don’t recognize.
- Document everything (dates, amounts, screenshots, reference numbers).
- Follow reimbursement timelines—in many cases, protections may apply if you report quickly (often within 60 days of a statement showing the issue).
