When a global bank faced a cyberattack, its response was the real success story. In early 2024, a multinational financial institution operating across the Middle East and Asia detected unusual activity in its internal systems. What initially seemed like a minor network anomaly quickly ragged into a coordinated cyberattack—targeting core banking operations, customer data, and third-party vendor links. The breach could have rose into a full-scale financial crisis, but it didn’t. What made the difference? A mature, well-practiced incident management strategy.
As cyberattacks in the financial sector grow more—ranging from ransomware and credential theft to supply chain compromise—banks and financial institutions are under increasing pressure to respond with speed and precision. This article delve deep down on how effective incident management in cybersecurity served as the backbone for mitigating a high-stakes attack.
Understanding Incident Management in Cybersecurity
Incident management in cybersecurity refers to the structured approach used to detect, respond to, and recover from cybersecurity incidents. This process involves identifying threats early, limiting damage, and restoring services as swiftly as possible. Key components include:
- Incident detection and analysis
- Containment, eradication, and recovery
- Post-incident review and improvement
For financial institutions, these elements are part of a larger financial sector cybersecurity strategy that emphasizes resilience, compliance, and continuous monitoring.
Real-World Cyberattack Examples in Finance
In mid-2024, a significant credential stuffing attack targeted a large financial institution. Attackers utilized previously compromised credentials to gain unauthorized access to user accounts. Notably, 86% of the credentials used had been observed in prior breaches, highlighting the pervasive issue of password reuse among consumers. The attackers employed automated tools to test these credentials across the institution’s systems, seeking entry points into sensitive financial data. Fortunately, the institution’s strong cybersecurity incident response plan enabled its security operations center (SOC) to detect and mitigate the attack promptly, preventing significant financial loss and data compromise.
Another illustrative case is the 2023 data breach of 23andMe, a personal genomics and biotechnology company. Attackers executed a credential stuffing attack by leveraging login credentials obtained from previous data breaches. By exploiting users’ tendency to reuse passwords across platforms, the attackers accessed thousands of accounts. Due to the interconnected nature of 23andMe’s services, this breach expanded to expose sensitive personal and genetic data of approximately 4 million users. This incident stresses the critical need for strong authentication measures and vigilant monitoring to prevent such extensive data compromises.
These examples emphasize the rising threat of credential stuffing attacks in the financial sector and the paramount importance of implementing comprehensive incident management solutions. Financial institutions must prioritize the development and maintenance of cybersecurity incident response plans to swiftly detect, respond to, and mitigate such threats, thereby safeguarding sensitive financial data and maintaining customer trust.
Impact of Cyberattacks on Financial Institutions
The impact of cyberattacks on financial institutions goes beyond immediate financial losses. It includes:
- Regulatory fines and compliance penalties
- Reputational damage
- Customer distrust and churn
- Operational disruptions
According to the FS-ISAC Navigating Cyber 2024 report, the financial sector is experiencing a rising tide of cyber threats, especially from third-party risk, ransomware, and data extortion campaigns. These evolving threats stress the importance of well-prepared incident response strategies.
Incident management solutions for banks are no longer optional—they are critical tools for minimizing downtime, ensuring regulatory compliance, and preserving institutional trust during and after an incident.
How to Mitigate Cyberattacks in Banking: A Structured Approach
Mitigating cyberattacks in banking requires a layered defense strategy. Here are some critical steps:
- Implement a Proactive Monitoring System: Use real-time monitoring and threat intelligence to detect anomalies.
- Develop a Cybersecurity Incident Response Plan: This should include roles, responsibilities, and communication workflows.
- Invest in Training and Simulation: Regular drills and tabletop exercises help prepare teams for real scenarios.
- Integrate Automation: Automation tools reduce response time and eliminate human error.
- Establish Communication Channels: Effective internal and external communication is vital during incidents.
By implementing these strategies, banks can ensure a quicker, more effective response and limit potential damage.
Incident Management Solutions for Banks: Key Features
Modern incident management platforms tailored for financial services offer:
- Centralized incident tracking and ticketing
- Integration with SIEM, SOAR, and threat intelligence feeds
- Automated containment and remediation actions
- Detailed reporting for audits and compliance
- Collaboration tools for internal and external teams
These capabilities are especially important when facing threats that originate from the Dark Web or involve advanced persistent threats (APTs).
Cyberattack Response Case Study: Lessons from the Field
In October 2023, Bank of America (BofA) experienced a significant data breach due to a ransomware attack on its third-party vendor, Infosys McCamish Systems LLC (IMS). The breach compromised sensitive personal and financial information of up to 57,000 customers, highlighting the vulnerabilities associated with third-party vendors in the financial sector. This incident stresses the critical importance of strong third-party risk management and incident response strategies in financial services.
Similarly, in April 2025, Singapore’s DBS Group and the Bank of China (BoC) Singapore branch faced potential data compromises following a ransomware attack on their data vendor, Toppan Next Tech (TNT). Approximately 8,200 client statements from DBS and around 3,000 customer records from BoC were at risk. Both banks emphasized that their core systems remained secure, but the incident highlighted the risks posed by third-party vendors.
These cases illustrate the escalating threat of ransomware attacks facilitated through third-party vendors. They emphasize the necessity for financial institutions to implement comprehensive incident response plans and third-party risk management protocols to swiftly identify, isolate, and mitigate such threats, thereby safeguarding sensitive financial data and maintaining customer trust.
Building a Financial Sector Cybersecurity Strategy
An effective financial sector cybersecurity strategy should include:
- Continuous risk assessment
- Employee awareness and phishing resistance training
- Vendor and supply chain risk management
- Regular audits and compliance checks
- Adoption of zero trust architecture
These efforts must be underlay by a strong incident management capability to ensure a timely and coordinated response to threats.
The Role of the Dark Web in Financial Sector Attacks
The Dark Web plays a pivotal role in the financial sector’s cyber threat landscape. It is a marketplace for stolen credentials, banking malware kits, and RaaS (Ransomware-as-a-Service) operations. Threat actors often use the Dark Web to plan, collaborate, and execute attacks against financial institutions.
Financial organizations must leverage Dark Web monitoring tools as part of their incident management framework. This proactive approach helps detect leaked data and compromised accounts before they are weaponized.
How Cyble Supports Incident Management
Cyble’s AI-powered threat intelligence platform plays a significant role in incident management by providing real-time insights into threats emerging from the surface web, deep web, and Dark Web. Its capabilities support financial institutions in identifying early warning signs, mitigating data leaks, and responding quickly to evolving cyber threats.
With tools for attack surface management, brand intelligence, and third-party risk monitoring, Cyble empowers banks with actionable intelligence to build robust cybersecurity defenses.
Conclusion
The financial sector operates in a high-stakes environment where cyber threats are no longer isolated incidents but an ongoing reality. From credential theft and ransomware to third-party breaches, attackers are refining their tactics, exploiting every possible weakness. What determines the impact of these incidents is not just the attack itself—but how effectively and quickly an organization can respond.
A well-integrated incident management strategy isn’t just about containment; it’s about resilience. Financial institutions that invest in proactive solutions can detect threats earlier, isolate compromised systems faster, and recover with minimal disruption. The ability to manage incidents holistically—from detection to resolution—has become a key pillar of modern financial sector cybersecurity strategy.
Real-world examples have shown that organizations with robust cybersecurity incident response plans fare significantly better in maintaining trust, meeting compliance requirements, and avoiding financial and reputational fallout.
Solutions like Cyble Vision support this resilience by delivering real-time, contextual threat intelligence across dark web sources, external attack surfaces, and vulnerable third-party links—enabling faster, smarter decisions in critical moments.
In a threat landscape defined by complexity and speed, incident management in cybersecurity isn’t a backup plan—it’s a competitive advantage.