ENISA Threat Landscape 2024 Report: Cyber threat landscape in the Financial Sector

The European financial sector remains a prime target for cyberattacks, with the complexity of threats increasing exponentially. The European Union Agency for Cybersecurity (ENISA) recently launched the Threat Landscape 2024 report analyzing incidents from January 2023 to June 2024 and highlighting attacks on banks, insurance companies, and financial service providers. From Distributed Denial-of-Service (DDoS) attacks intensified by geopolitical conflicts to online fraud and supply chain attacks, cyber threats are becoming increasingly sophisticated.

Where do the threats come from?

Banks, insurance companies, payment providers, and end users are constantly targeted by cyberattacks. DDoS attacks have been exacerbated by geopolitical events, impacting European financial infrastructures. Meanwhile, attackers exploit security vulnerabilities to access and sell sensitive data, while online fraud schemes are becoming more advanced.

Beyond visible attacks like ransomware, which locks data access in exchange for ransom payments, more subtle methods such as phishing and social engineering are being used more and more. Smishing and vishing campaigns trick users into providing critical financial information, while cryptocurrency scams are on the rise.

Who are the attackers?

The threat landscape includes organized crime groups, hacktivists using cyberattacks as a form of protest, and state-sponsored actors engaged in economic espionage or financial destabilization. Additionally, human errors and vulnerabilities in IT supply chains represent weak points that are constantly exploited.

What’s next?

The financial industry must strengthen its defense strategies by investing in digital infrastructure security and employee awareness programs. Regulations such as the Digital Operational Resilience Act (DORA) and the NIS 2 Directive are becoming essential in protecting against attacks, and information sharing on threats between financial institutions and authorities is more critical than ever.

Deloitte has extensive experience in conducting penetration tests in compliance with the NIS 2 Directive, as well as Threat-Led Penetration Testing (TLPT) assessments required under DORA or TIBER-EU testing, helping financial institutions identify and remediate critical vulnerabilities before attackers can exploit them.

The cyber threat landscape is evolving rapidly, and cybersecurity is no longer just an option—it is a strategic element for financial stability.

Discover if your organization is ready for the NIS 2 Directive by taking this gap pre-assessment HERE.