Cybercriminals are precisely attracted to the core elements of wealth management institutions: concentrated access to high-net-worth individuals and their assets.
Unfortunately, cybercrime has advanced to the point where traditional security measures no longer cut it. Not even close. And the stakes are high.
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This isn’t a call to abandon traditional security measures, but rather to take a “yes, and” approach. Banking security teams must evolve beyond reactive defence — they must start thinking like the criminals targeting their institutions.
This shift in mindset proves especially critical as employees across banking and financial services rapidly adopt new productivity tools and AI applications without IT oversight. My interactions with financial institutions have shown repeatedly that even robust security systems falter when teams can’t anticipate how attackers might exploit routine banking operations and client interactions.
Consider a typical week at a wealth management firm: relationship managers handle sensitive client data across multiple platforms, trading desks execute high-value transactions, and back-office teams process critical financial documentation. Every one of these myriad, routine interactions presents an opportunity for exploitation by sophisticated threat actors who understand the unique pressures and workflows of banking professionals.
Training for reality, not theory
Nationwide Building Society recently launched an initiative encouraging security professionals to adopt criminal thinking patterns during training. This approach resonates deeply with what banking security teams actually need: hands-on experience identifying vulnerabilities from an attacker’s perspective. Thinking like an attacker means being better equipped to thwart attacks.
Traditional security training often falls short by focusing on theoretical frameworks rather than practical exploitation scenarios. Yet, our sector requires immersive experiences that mirror actual situations: social engineering attempts targeting client relationship managers, sophisticated attacks on wealth management platforms and exploitation of routine financial processes.
Understanding criminal methodology
Successful bank security teams share a crucial characteristic — they understand precisely how criminals select and study their targets. This means developing insight into:
- Threat actor reconnaissance methods targeting financial institutions
- Common exploitation patterns in wealth management environments
- Social engineering techniques specifically designed for banking professionals
- Authentication bypass attempts in financial systems
Technical defences are only part of the equation
Whilst technical proficiency matters, banking security teams must grasp the subtle psychology of both clients and attackers. High-net-worth individuals often have unique requirements for accessing their accounts and executing transactions. Criminals study these patterns, looking for ways to exploit legitimate business practices.
Security professionals need practical experience identifying how standard banking accommodations — like flexible authentication options for major clients or expedited transaction processes — might create vulnerabilities. This requires teams who understand both security principles and the practical realities of wealth management.
Creating dynamic security environments
Financial institutions that excel at security training provide their teams with:
- Regular exposure to new exploitation techniques targeting financial services
- Hands-on practice identifying vulnerabilities in common banking workflows
- Experience dealing with social engineering attempts that leverage financial industry knowledge
- Cross-functional training that bridges technical security and client service requirements
Now, for some practical implementation steps. Security leaders in banking environments should focus on developing teams who can:
- Analyse potential vulnerabilities in client service processes without disrupting essential business functions
- Identify warning signs of sophisticated attack preparation targeting specific institutional practices
- Develop countermeasures that maintain both security and client service quality
- Bridge gaps between technical security capabilities and practical implementation
Measuring success
Effective security training in banking environments yields clear results: teams spot potential vulnerabilities before they’re exploited, identify suspicious patterns in seemingly routine requests and develop protective measures that don’t impede client service.
How to measure success? Security leaders should track key indicators like:
- Speed of vulnerability identification in new banking processes
- Successful prevention of social engineering attempts
- Implementation rates of security measures across banking teams
- Integration of security considerations into new service offerings
Building lasting capacity
Banking security teams face a unique challenge: protecting high-value targets whilst enabling smooth operations for demanding clients. Success requires security professionals who understand both criminal methodology and the practical requirements of wealth management.
This combination of skills — technical expertise, industry knowledge and attacker insight — creates security teams capable of protecting assets whilst supporting business growth. It may feel odd, or even uncomfortable, to prioritise training your team to think like attackers. And yet, a team who can do so whilst also understanding banking operations will be able to support sustainable security capabilities that grow with the business.
David Shepherd is SVP EMEA at Ivanti
