AI-enhanced cyberattacks surge against global financial sector
A KnowBe4 security report documents a surge in cyberattacks against global financial institutions in 2024, with threat actors increasingly using AI tools like FraudGPT to launch phishing campaigns and data exfiltration attacks. Nearly all major U.S. and European banks suffered breaches, with attacks using stolen credentials making detection more difficult.
What happened
A KnowBe4 security research report released in August 2025 reveals that financial institutions globally are experiencing escalating cyberattacks. Threat actors are leveraging AI tools like FraudGPT and ElevenLabs to create more convincing phishing campaigns, while moving away from traditional ransomware encryption toward data exfiltration and multi-stage extortion schemes using legitimate stolen credentials.
The report documents that 97% of the largest U.S. banks suffered third-party breaches in 2024, while 100% of Europe's top financial firms suffered supplier breaches. Targeted intrusions against financial institutions increased by 109% year-over-year, and infostealer infection attempts increased 58% in 2024.
Reported impact
Financial service firms globally experience up to 300 times more cyberattacks annually than other industries. Tests in large financial institutions found that nearly 45% of employees were likely to click on a malicious link or download an infected file, creating entry points for threat actors.
According to Federal Reserve Bank of New York Staff Reports, even a single day's disruption in payments by major banks could affect 38% of network banks globally. The U.S. accounts for 60% of all ransomware attacks against financial institutions, with the U.S. and U.K. together representing over 70% of attacks.
Index analysis
The report highlights how attackers are gaining advantages through the use of legitimate credentials, making detection significantly more challenging. Analysis of over three million dark web posts shows stolen credentials far outpace credit card theft, with 68% of attacks originating from email.
Governance controls
Large financial institutions showed 44.7% Phish-prone Percentage (PPP) rates initially, but comprehensive security awareness training reduces phishing susceptibility to below 5%.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.