6 of the biggest threats banks faced in 2023 | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

From all-time-high check fraud to zero-day software vulnerability exploits, banks faced attacks on multiple fronts in 2023. Trends in AI development, quantum computing and the war in Ukraine also drove some of these threats.

In 2022, weak and reused passwords posed a major threat to banks and their customers, and that trend continued last year, as did other poor practices, including failures to patch vulnerable software on time. As ever, bankers and banking customers also remained vulnerable to social engineering attacks such as phishing, which became a more potent mode of attack this year, thanks to generative AI.

Banks faced many external threats, as well. Ransomware gangs such as Cl0p and Lockbit made headlines for high-profile attacks in 2023, which have driven up cybersecurity insurance costs for financial institutions.

From generative AI to bank failures, here are six of the biggest cybersecurity threats that banks and credit unions dealt with in 2023.


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National Cyber Security