Outages in core banking, internet banking, card processing, SWIFT and SEPA gateways can halt payments, block card transactions and leave customers unable to access their money – sometimes for days.
Compromised credentials, phishing and malware can lead to unauthorized transfers, fake loans, card fraud and stolen insurance payouts – creating direct financial losses and complex recovery processes.
After a breach, institutions face investigations, supervisory actions, reporting obligations, potential GDPR/DORA fines, litigation and rising cyber-insurance and capital costs.
Customer identities, KYC documents, credit histories, transaction patterns and pricing models can be stolen, leaked or sold. This fuels further fraud, insider trading risks and long-term privacy damage.
In a sector built on trust, high-profile incidents can trigger customer churn, funding pressure and long-term reputational damage that no marketing campaign can quickly repair.
Adopted in 2022 and applicable from January 2025, DORA establishes a unified EU framework for ICT risk management in financial entities. It mandates incident reporting, digital resilience testing, third-party risk oversight, and governance accountability for operational continuity.
Entered into force in January 2023, with transposition required by October 2024, NIS2 expands cybersecurity obligations across essential sectors, including finance. It requires risk management measures, mandatory incident reporting, supply chain security, and executive-level accountability.
Effective since 2018, PSD2 regulates electronic payments in the EU and introduces strong customer authentication (SCA). It mandates secure APIs for open banking, enhances consumer protection, and enforces controls to reduce fraud in digital payment services.
Enforced since May 2018, GDPR governs the processing and protection of personal data across the EU. It mandates lawful data handling, breach notification within 72 hours, data subject rights and significant penalties for non-compliance, up to 4% of global turnover.