How to Combat Wealth Management’s Cybercrime Crisis
Maxwell Alles
The wealth management industry is a magnet for cybercriminals lured by the vast amounts of sensitive data and high-value assets it handles. From client financial records to transactional systems, the sector’s digital infrastructure is a treasure trove for malicious actors.
A McKinsey report stated, “Cyberattacks continue to increase, and financial-services companies face well-funded, highly organized, and well-trained cyber criminals. These criminals are also adopting emerging technologies to aid in their attacks, including recent attacks utilizing gen AI as part of sophisticated phishing campaigns.”
And while it’s easy to assume massive, publicly traded companies are most at risk, attacks on small and medium size businesses are on the rise—46% of all cyber events worldwide affect business with fewer than 1,000 employees.
Recent data highlights the industry’s vulnerability—second only to the healthcare industry.
According to the IBM “Cost of a Data Breach” report, financial industry enterprises spend $6.08 million dealing with breaches, which is 22% higher than the global average.
(Originally posted for Wealth Management's 2026 Market Outlook)
Much like legitimate tech enterprises, cybercriminals are adopting scalable business models—offering "cybercrime-as-a-service" platforms that make it easier for less experienced actors to launch cyberattacks. This democratization of cybercrime is driving exponential growth in the threat landscape, pushing global cybersecurity breaches and financial damages to record levels.
BD Emerson
Take the First Step Toward Minimizing Cyber Risk
The sooner your infrastructure is hardened, the sooner your clients are safer.