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The Top Threat Actor Groups Targeting the Financial Sector

In this post, we identify and analyze the top threat actors that have been actively targeting the financial sector between 2024 and 2026.

Between 2024 and 2026, Flashpoint analysts have observed the financial sector as a top target of threat actors, with 406 publicly disclosed victims falling prey to ransomware attacks alone—representing seven percent of all ransomware victim listings during that period.

However, ransomware is just one piece of the complex threat actor puzzle. The financial sector is also grappling with threats stemming from sophisticated Advanced Persistent Threat (APT) groups, the risks associated with third-party compromises, the illicit trade in initial access credentials, the ever-present danger of insider threats, and the emerging challenge of deepfake and impersonation fraud.

Why Finance?

The financial sector has long been one of the most attractive targets for threat actors, consistently ranking among the most targeted industries globally.

These institutions manage massive volumes of sensitive data—from high-value financial transactions and confidential customer information to vast sums of capital, making them especially lucrative for threat actors seeking financial gain. Additionally, the urgency and criticality of financial operations increases the chances that victim organizations will succumb to extortion and ransom demands.

Even beyond direct financial incentives, the financial sector remains an attractive target due to its deep interconnectivity with other industries.This means that malicious actors may simply target financial institutions to gain information about another target organization, as a single data breach can have far-reaching and cascading consequences for involved partners and third parties.

The Threat Actors Targeting the Financial Sector

To understand the complexities of the financial threat landscape, organizations need a comprehensive understanding of the key players involved. The following threat actors represent some of the most prominent and active groups targeting the financial sector between April 2024 and April 2025:

RansomHub

Despite being a relatively new Ransomware-as-a-Service (RaaS) group that emerged in February 2024, RansomHub quickly rose to prominence, becoming the second-most active ransomware group in 2024. Notably, they claimed 38 victims in the financial sector between April 2024 and April 2025. Their known TTPs include phishing and exploiting vulnerabilities. RansomHub is also known to heavily target the healthcare sector.

Akira

Active since March 2023, Akira has demonstrated increasingly sophisticated tactics and has targeted a significant number of victims across various sectors. Between April 2024 and April 2025, they targeted 34 organizations within the financial sector. Evidence suggests a potential link to the defunct Conti ransomware group. Akira commonly gains initial access through compromised credentials, Virtual Private Network (VPN) vulnerabilities, and Remote Desktop Protocol (RDP). They employ a double extortion model, exfiltrating data before encryption.

LockBit Ransomware

A long-standing and highly prolific RaaS group operating since at least September 2019, LockBit continued to be a major threat to the financial sector, claiming 29 publicly disclosed victims between April 2024 and April 2025. LockBit utilizes various initial access methods, including phishing, exploitation of known vulnerabilities, and compromised remote services.

Most notably, in June 2024, LockBit claimed it gained access to the US Federal Reserve, stating that they exfiltrated 33 TB of data. However, Flashpoint analysts found that the data posted on the Federal Reserve listing appears to belong to another victim, Evolve Bank & Trust.

FIN7

This financially motivated threat actor group, originating from Eastern Europe and active since at least 2015, focuses on stealing payment card data. They employ social engineering tactics and create elaborate infrastructure to achieve their goals, reportedly generating over $1 billion USD in revenue between 2015 and 2021. Their targets within the financial sector include interbank transfer systems (SWIFT, SAP), ATM infrastructure, and point-of-sale (POS) terminals. Initial access is often gained through phishing and exploiting public-facing applications.

Scattering Spider

Emerging in 2022, Scattered Spider has quickly become known for its rapid exploitation of compromised environments, particularly targeting financial services, cryptocurrency services, and more. They are notorious for using SMS phishing and fake Okta single sign-on pages to steal credentials and move laterally within networks. Their primary motivation is financial gain.

Lazarus Group

This advanced persistent threat (APT) group, backed by the North Korean government, has demonstrated a broad range of targets, including cryptocurrency exchanges and financial institutions. Their campaigns are driven by financial profit, cyberespionage, and sabotage. Lazarus Group employs sophisticated spear-phishing emails, malware disguised in image files, and watering-hole attacks to gain initial access.

Top Attack Vectors Facing the Financial Sector

Between April 2024 and April 2025, our analysts observed 6,406 posts pertaining to financial sector access listings within Flashpoint’s forum collections. How are these prolific threat actor groups gaining a foothold into financial data and systems? Examining Flashpoint intelligence, malicious actors are capitalizing on third-party compromises, initial access brokers, insider threats, amongst other attack vectors:

Third-Party Compromise

Ransomware attacks targeting third-party vendors can have a direct and significant impact on financial institutions through data exposure and compromised credentials. The Clop ransomware gang’s exploitation of the MOVEit vulnerability in December 2024 serves as a stark reminder of this risk.

Initial Access Brokers (IABs)

Initial Access Brokers specialize in gaining initial access to networks and selling these access credentials to other threat groups, including ransomware operators. Their tactics include phishing, the use of information-stealing malware, and exploiting RDP credentials, posing a significant risk to financial entities. Between April 2024 and April 2025, analysts observed 6,406 posts pertaining to financial sector access listings within Flashpoint’s forum collections.

Insider Threat

Malicious insiders, whether recruited or acting independently, can provide direct access to sensitive data and systems within financial institutions. Telegram has emerged as a prominent platform for advertising and recruiting insider services targeting the financial sector.

Deepfake and Impersonation

The increasing sophistication and accessibility of AI tools are enabling new forms of fraud. Deepfakes can bypass traditional security measures by creating convincing audio and video impersonations. While still evolving, this threat vector, along with other impersonation tactics like BEC and vishing, presents a growing concern for the financial sector. Within the past year, analysts observed 1,238 posts across fraud-related Telegram channels discussing impersonation of individuals working for financial institutions.

Defend Against Financial Threats Using Flashpoint

The financial sector remains a high-value target, facing a persistent and evolving array of threats. Understanding the tactics, techniques, and procedures (TTPs) of these top threat actors, as well as the broader threat landscape, is crucial for financial institutions to develop and implement effective security strategies.

Flashpoint is proud to offer a dedicated threat intelligence solution for banks and financial institutions. Our platform combines comprehensive data collection, AI-powered analysis, and expert human insight to deliver actionable intelligence, safeguarding your critical assets and operations. Request a demo today to see how our intelligence can empower your security team.

Request a demo today.

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Insider Threats: Turning 2025 Intelligence into a 2026 Defense Strategy

In this post, we break down the 91,321 instances of insider activity observed by Flashpoint in 2025, examine the top five cases that defined the year, and provide the technical and behavioral red flags your team needs to monitor in 2026.

Every organization houses sensitive assets that threat actors actively seek. Whether it is proprietary trade secrets, intellectual property, or the personally identifiable information (PII) of employees and customers, these datasets are the lifeblood of the modern enterprise—and highly lucrative commodities within the illicit underground.

In 2025, Flashpoint observed 91,321 instances of insider recruiting, advertising, and threat actor discussions involving insider-related illicit activity. This underscores a critical reality—it is far more efficient for threat actors to recruit an “insider” to circumvent multi-million dollar security stacks than it is to develop a complex exploit from the outside. 

An insider threat, any individual with authorized access, possesses the unique ability to bypass traditional security gates. Whether driven by financial gain, ideological grievances, or simple human error, insiders can potentially compromise a system with a single keystroke. To protect our customers from this internal risk, Flashpoint monitors the illicit forums and marketplaces where these threats are being solicited. 

In this post, we unpack the evolving insider threat landscape and what it means for your security strategy in 2026. By analyzing the volume of recruitment activity and the specific industries being targeted, organizations can move from a reactive posture to a proactive defense.

By the Numbers: Mapping the 2025 Insider Threat Landscape

Last year, Flashpoint collected and researched:

• 91,321 posts of insider solicitation and service advertising
• 10,475 channels containing insider-related illicit activity
• 17,612 total authors

On average, 1,162 insider-related posts were published per month, with Telegram continuing to be one of the most prominent mediums for insiders and threat actors to identify and collaborate with each other. Analysts also identified instances of extortionist groups targeting employees at organizations to financially motivate them to become insiders.

Insider Threat Landscape by Industry

The telecommunications industry observed the most insider-related activity in 2025. This is due to the industry’s central role in identity verification and its status as the primary target for SIM swapping—a fraudulent technique where threat actors convince employees of a mobile carrier to link a victim’s phone number to a SIM card controlled by the attacker. This allows the threat actor to receive all the victim’s calls and texts, allowing them to bypass SMS-based two-factor authentication.

Flashpoint analysts identified 12,783 notable posts where the level of detail or the specific target was particularly concerning.

Top Industries for Insiders Advertising Services (Supply):

1. Telecom
2. Financial
3. Retail
4. Technology

Top Industries for Threat Actors Soliciting Access (Demand):

1. Technology
2. Financial
3. Telecom
4. Retail

6 Notable Insider Threat Cases of 2025

The following cases highlight the variety of ways insiders impacted enterprise systems this year, ranging from intentional fraud to massive technical oversights.

Type of Incident	Description
Malicious	Approximately nine employees accessed the personal information of over 94,000 individuals, making illegal purchases using changed food stamp cards.
Nonmalicious	An unprotected database belonging to a Chinese IoT firm leaked 2.7 billion records, exposing 1.17 TB of sensitive data and plaintext passwords.
Malicious	An insider at a well-known cybersecurity organization was terminated after sharing screenshots of internal dashboards with the Scattered Lapsus$ Hunters threat actor group.
Malicious	An employee working for a foreign military contractor was bribed to pass confidential information to threat actors.
Malicious	A third-party contractor for a cryptocurrency firm sold customer data to threat actors and recruited colleagues into the scheme, leading to the termination of 300 employees and the compromise of 69,000 customers.
Malicious	Two contractors accessed and deleted sensitive documents and dozens of databases belonging to the Internal Revenue Service and US General Services Administration.

Catching the Warning Signs Early

Potential insiders often display technical and nontechnical behavior before initiating illicit activity. Although these actions may not directly implicate an employee, they can be monitored, which may lead to inquiries or additional investigations to better understand whether the employee poses an elevated risk to the organization.

Flashpoint has identified the following nontechnical warning signs associated with insiders:

• Behavioral indicators: Observable actions that deviate from a known baseline of behaviors. These can be observed by coworkers or management or through technical indicators. Behavioral indicators can include increasingly impulsive or erratic behavior, noncompliance with rules and policies, social withdrawal, and communications with competitors.
• Financial changes: Significant and overlapping changes in financial standing—such as significant debt, financial troubles, or sudden unexplained financial gain—could indicate a potential insider threat. In the case of financial distress, an employee can sell their services to other threat actors via forums or chat services, thus creating additional funding streams while seeming benign within their organization.
• Abnormal access behavior: Resistance to oversight, unjustified requests for sensitive information beyond the employee’s role, or the employee being overprotective of their access privileges might indicate malicious intent.
• Separation on bad terms: Employees who leave an organization under unfavorable circumstances pose an increased insider threat risk, as they might want to seek revenge by exploiting whatever access they had or might still possess after leaving.
• Odd working hours: Actors may leverage atypical after-hours work to pursue insider threat activity, as there is less monitoring. By sticking to an atypical schedule, threat actors maintain a cover of standard work activity while pursuing illicit activity simultaneously.
• Unusual overseas travel: Unusual and undocumented overseas travel may indicate an employee’s potential recruitment by a foreign state or state-sponsored actor. Travel might be initiated to establish contact and pass sensitive information while avoiding raising suspicions in the recruit’s home country.

The following are technical warning signs:

• Unauthorized devices: Employees using unauthorized devices for work pose an insider threat, whether they have malicious intent or are simply putting themselves at higher risk of human error. Devices that are not controlled and monitored by the organization fall outside of its scope of operational security, while still carrying all of the sensitive data and configuration of the organization.
• Abnormal network traffic: An unusual increase in network traffic or unexplained traffic patterns associated with the employee’s device that differ from their normal network activity could indicate malicious intent. This includes network traffic employing unusual protocols, using uncommon ports, or an overall increase in after-hours network activity.
• Irregular access pattern: Employees accessing data outside the scope of their job function may be testing and mapping the limits of their access privileges to restricted areas of information as they evaluate their exfiltration capabilities for their planned illicit actions.
• Irregular or mass data download: Unexpected changes in an employee’s data handling practices, such as irregular large-scale downloads, unusual data encryption, or uncharacteristic or unauthorized data destinations, are significant indicators of an insider threat.

Insider Threats: What to Expect in 2026

As 2026 unfolds, insider threat actors will continue to be a major threat to organizations. Ransomware groups and initial access threat actors will continue recruiting interested insiders and exploiting human vulnerabilities through social engineering tactics. Following Telegram’s recent bans on many illicit groups and channels, Flashpoint assesses that threat actors are likely to migrate to different platforms, such as Signal, where encrypted chats make their activity harder to monitor.

As AI technologies continue to advance, organizations will be better equipped to identify and mitigate insider risks. At the same time, threat actors will likely increasingly abuse AI and other tools to access sensitive information. 
Is your organization equipped to spot the warning signs? Request a demo to learn more and to mitigate potential risk from within your organization.

Request a demo today.