For cybercriminals, financial data is a prime target. 

And it’s easy to see why. 

Financial information – including transaction records, banking information, credit scores, and personal financial details –  is the most sensitive and valuable asset any company manages. 

Yet with increasing volumes of financial data stored at varying security levels, many organisations are still vulnerable. 

Today, protecting financial data isn’t just for the big banks, it’s the responsibility of all businesses. And it needs to be taken seriously. 

A single breach can destroy your reputation and have a serious impact on your bottom line.

Customers expect their data to be safe, and if your business isn’t prioritising security, they will find one that does.

To stay secure, businesses need a proactive, multi-layered approach that combines the latest security technology with strong internal practices. 

To get you started, here are 7 essential steps to protect financial data from unauthorised access.

1. Implement Robust Encryption

Encryption locks down your data, making it unreadable to anyone without the decryption key. 

Even if hackers get in, all they’ll see is useless code.

For financial organisations, it’s critical that encryption is applied across both data at rest and data in transit. This not only deters cybercriminals but also ensures compliance with standards such as NIST and PCI-DSS, which mandate strong encryption protocols.

Encryption security depends not just on strong algorithms, but on safeguarding access to cryptographic keys and administrative accounts. 

Make sure your admin team is trained to recognise phishing traps and social engineering tactics that could compromise sensitive systems or grant unauthorised access to encrypted financial data.

2. Access Control for High-Risk Financial Roles

Protecting sensitive financial data starts with limiting who can access it. 

Try implementing the Principle of Least Privilege (POLP), which ensures employees only access what they need for their roles. If an account is compromised, exposure to sensitive data is kept to a minimum.

Role-Based Access Control (RBAC) is an easy way to do this. 

RBAC assigns permissions based on job roles. Regular employees get access to basic info, while management unlocks more. This hierarchy keeps things simple and cost-effective.

Cloud providers like Microsoft Azure, AWS, and Google Cloud make RBAC setup simple with built-in tools and templates, giving you control over permissions across the entire organisation from one dashboard. Just remember to review access regularly as roles and responsibilities shift.

And don’t forget: Multi-Factor Authentication (MFA) is a must. On all accounts for all users.

Even if a password is leaked, MFA blocks unauthorised access by requiring a second layer of verification, like a one-time code or biometric check.

MFA is fundamental and every business should be doing it already!

3. Schedule Regular Audits and Monitoring

Staying in control of who accesses your financial data means running regular audits and continuous monitoring. 

Audits ensure your policies meet regulatory standards, while continuous monitoring helps detect suspicious activity before it escalates.

Best Practices:

• Third-Party Audits: Engage external auditors for unbiased assessments. Reputable auditors such as Cyber Alchemy can conduct quarterly reviews and annual assessments, including penetration tests and employee security evaluations.
• SIEM Tools for Real-Time Monitoring: Security Information and Event Management (SIEM) tools like PocketSIEM or Security Onion offer 24/7 monitoring and can integrate seamlessly with your existing cloud services, catching potential threats.
• Reputable SOC Providers, such as Aruga can then take the overhead of monitoring and alerting should any suspicious activity be detected.  

Set up alerts for these red flags:

• Login attempts from unfamiliar locations (especially from countries where you don’t operate)
• Access from unknown or unregistered devices (particularly mobile devices or personal laptops)
• Repeated failed login attempts (typically more than 3-5 within a short period)
• Unusual access times or patterns (like accessing financial data at 3 AM when your team works 9-5)
• Sudden spikes in data downloads or exports
• Multiple simultaneous logins from different locations 
• Impossible travel 

With these alerts in place, you’ll have an early warning system to stop breaches just in time. 

Modern SIEM platforms can even automatically block suspicious IP addresses or temporarily freeze accounts showing unusual activity patterns.

4. Use Data Loss Prevention Measures

Data Loss Prevention (DLP) tools help track and restrict data, ensuring it remains within trusted environments. 

Key tools include: 

• Firewalls (A classic but a firewall, especially modern ones, can provide robust protection if configured correctly) 
• Intrusion Detection Systems (IDS)
• Cloud based DLP – Microsoft and other cloud focused organisations have DLP capabilities baked into their offer.  
• Endpoint protection (Antivirus/Anti-Malware) – Modern solutions have several features that can be turned on, just be careful many are locked behind paid upgrades.
• Cloud Access Security Broker (CASB) – Act as intermediaries between users and cloud service providers, enforcing security policies including DLP capabilities. 

Make sure these defences are strong, up-to-date, and capable of recognising the latest threats. 

Pay extra attention to your endpoint security, especially its capabilities.

Every device accessing your network, from work phones to laptops, needs regular updates as outdated software is a known access point for cybercriminals. 

If you want to get the most out of your current setup or discuss your options with a vendor agnostic expert, get in touch with Cyber Alchemy.

5. Enhance Employee Training 

When it comes to data breaches, employees in finance-focused roles are often the first target.

Attacks like invoice fraud, business email compromise and spear-phishing are commonplace. 

Cybercriminals know that human error is the easiest way to slip past even the strongest security measures. Especially when high-priority data like financial information is involved.

Tailor Training for Specific High-Risk Roles.

Accounts payable should be adept at spotting minor irregularities in payment requests, while client-facing staff should know how to verify unusual client communications securely. Providing this relevant context helps teams feel prepared for the threats they’re most likely to encounter.

Build a Culture of Cyber Vigilance

Encourage ongoing vigilance by integrating cybersecurity awareness into everyday processes. Designate “cyber champions” in each department who can serve as a quick resource for questions or concerns, keeping security top of mind.

Try Interactive, Real-World Simulations

Use phishing simulations that mimic genuine threats, such as an “urgent” payment request from the CFO or a vendor invoice with slight account changes. Practising in realistic scenarios builds skills that employees can apply immediately, strengthening vigilance across the board.

And make the training count. Dry lectures won’t change habits…

6. Drill Backup and Recovery

The loss of financial data – of any kind – can cause significant operational disruptions. 

Secure, reliable backups mean you can quickly restore operations without paying a ransom, minimising downtime and financial impact. 

Key Steps:

• The 3-2-1 Backup Rule: Keep three copies of your data on two types of storage, with one copy offsite to guard against single points of failure.
• Automated, Encrypted Backups: Schedule regular, encrypted backups to secure locations (cloud or offsite) to protect data integrity. Test these backups regularly to confirm they work in real-world scenarios.
• Business Continuity Integration: Pair backup protocols with business continuity planning to ensure core functions can continue even during a data recovery period. Define priority systems, set recovery time objectives (RTO), and establish clear communication plans for internal teams and clients.
• Test your backups: No matter how much you invest in backups, their value is only proven when you’ve confirmed they actually work – both from a technical and operational standpoint. £1000’s of pounds of investment will mean nothing if it’s not possible once you press that big red backup button.  

Remember to drill your plan, so employees are capable of resuming business quickly in the event of a breach. 

7. Stay Compliant with Financial Regulations

As stated, all businesses that handle financial information digitally (which is basically all of them…) have a responsibility to keep it safe. 

Some industries are highly regulated and have their own responsibilities, but standards like UKDPA 2018 (which is essentially a copy of GDPR) and PCI-DSS apply to everyone.

GDPR mandates that any identifying information (including financial data) must be processed lawfully, transparently, and securely. 

Meanwhile, PCI-DSS imposes stringent requirements for handling payment card data.

There is also the NIS Directive. 

The Network and Information Systems (NIS) Directive aims to achieve a common high level of cybersecurity across the EU. 

It requires essential service operators and digital providers to implement robust security measures and promptly report major incidents. In the UK, this directive has been adopted into national law, influencing key sectors such as banking and financial market infrastructure.

Compliance Essentials:

• UK DPA 2018: Ensure customer data is handled with utmost transparency and that any data breach is reported within 72 hours.
• PCI-DSS: Adhere to PCI-DSS standards if handling card payments, covering data security standards, PIN protection, and point-to-point encryption.
• NIS Directive: Implement robust cybersecurity measures and establish procedures for prompt incident reporting.

Failing to meet these standards can lead to fines, reputational damage, and customer attrition. 

Proactively complying with these regulations not only protects your business from penalties but also demonstrates a commitment to data security that builds customer confidence.

Important note: Passing compliance requirements doesn’t make you secure. It means you have covered the basics, but threats are everywhere and cybercriminals become more and more sophisticated every day. 

Don’t assume you are safe just because you are compliant. The above points are simply a great place to start reviewing your real-world security.

Make Hacking Hard for Cyber Criminals.

Protecting financial data takes consistent effort. 

Every step you add, from advanced encryption to access controls, works to make your sensitive data much harder for cybercriminals to reach.

With layered security that’s built into your culture, you can prevent costly breaches and build lasting customer trust.

At Cyber Alchemy, we specialise in tailoring cybersecurity solutions to safeguard your financial data and keep your business secure.

Want to know more about how we can help protect your data? Contact us today and take the first step towards a more secure future.