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How to protect your money from cyber security threats

14th October 2025

According to the Government Official Statistics Cyber security breaches survey 2025, cyber security threats impacted approximately 612,000 UK businesses and 61,000 UK charities. Many of these organisations store your personal data. Additionally, there were around 600 million cyber attacks per day in 2024 - impacting the lives of nearly 54 people per second.

With cybercriminals using increasingly sophisticated methods to steal personal data and access financial accounts, it’s never been more important to understand how to protect your money online.

This guide explores the common types of cyber security threats you should know and the practical steps you can take to keep your finances secure from digital attacks.

In this guide, we’ll cover:

  • What are cyber attacks?
  • Why are financial services prime targets of cyber threats?
  • Common types of cyber security threats you should know
  • 10 tips for protecting your money from cyber security threats
  • What to do if you’ve fallen victim to a cyber attack

What are cyber attacks?

A cyber attack occurs when an individual hacker or a group of cybercriminals attempt to gain access to your data, digital systems or finances. Also referred to as cyber security threats or cybercrime, these attacks can be carried out to alter, expose, steal, or destroy your private information.

The motives of cybercriminals can vary, but often revolve around identity theft, data disruption and financial gain. Whether targeting an individual or a business, cyber threats can be extremely detrimental – leaving people in vulnerable financial positions.

Cyber security threats can be highly sophisticated. A hacker can carry out multiple tactics until they get their desired outcome. Other attacks are more opportunistic, where a cybercriminal relies on human error to get what they want.

Why are financial services prime targets of cyber threats?

The financial services industry is an attractive target for cybercriminals for several reasons:

  • Direct access to money
    Cybercriminals target bank accounts and payment systems for immediate financial gain.
     
  • Data-rich environment
    Financial services, such as banks and building societies, store personal information like names, addresses, payment history, and account details. This private information can be exploited by hackers and used for identity theft.
     
  • Legacy systems
    Some financial service providers use older software or third-party integrations that can be vulnerable to cyber security threats.
     
  • Scale of cyber security threats
    Cybercriminals have the capabilities to automate high volumes of attacks, targeting thousands of people at once to increase the likelihood of successfully gaining access to people’s finances.
     

As of 2023-24, UK businesses faced approximately 7.78 million cybercrimes - an average of 21,315 cyber security threats each day. Many of these businesses will store your personal data, including your name, address and financial information. If they're targeted by a cyber attack, you and your finances could be directly impacted.

These statistics, amongst others mentioned in this article, emphasise why it’s never been more crucial to understand the importance of how to protect your money from cyber threats.

Common types of cyber security threats you should know

Protecting your money from online attacks begins by having an awareness of the most common attacks. To support your understanding and help you take the steps needed to keep your finances safe from potential harm, we’ve compiled a list of five of the most common types of cyber security threats.

In this section, we’ll outline what these threats are, why they’re dangerous, and how you can prevent them from impacting your finances.

  • 1. Phishing

    A phishing attack is when a cybercriminal sends you a fraudulent message that seems legitimate. These disguised messages can come in the form of an email, text message or fake websites. Hackers use phishing tactics to trick you into clicking on malicious links or sharing your private information, such as online banking passwords, credit card numbers or other bank details.

    Phishing attacks are the most common type of cyber threat. For context, it’s estimated that 3.4 billion spam emails are sent every day.

    If you fall victim to a phishing scam, attackers can gain direct access to your sensitive information and exploit your finances.

    Tips to protect your money from a phishing attack:

    • Always double-check where the message has come from. Look at the sender’s information to spot a suspicious email address or URL.
       
    • Don’t click on links or download attachments that you're not expecting. 
       
    • Enable two-factor authentication (2FA) on your financial accounts. 2FA gives you an additional layer of security for your accounts. It works by requiring the user to input two different methods of verification before accessing the account. These methods could include a password and a code sent to your phone to verify your account, or scanning your fingerprint, as well as inputting your normal login details.

  • 2. Ransomware

    Ransomware is a type of cyber attack where the hacker injects malicious software onto your device, preventing you from accessing your data. When the attacker encrypts your files or locks your device, they’ll demand a ransom from you in exchange for giving you back control of your device. Cybercriminals will often steal or threaten to release your sensitive data if you don’t pay the ransom.

    Hackers will typically use phishing tactics to gain access to your device or network. If you’re impacted by a ransomware attack, you could lose access to your private data, banking software and financial information. These types of cyber security threats could result in you losing these personal assets permanently.

    According to the Key findings from Verizon's 2025 Data Breach Investigations Report, 44% of cyber security breaches involved ransomware attacks – a 37% increase from the previous year.

    Tips to protect your money from a ransomware attack:

    • Make sure to update your devices and software when required. Only do this if you know the update has been requested by a known source.
       
    • Back up your important files to offline or cloud storage.
       
    • Don’t download files or click on links from untrusted sources.

  • 3. Malware

    Malware falls under the broad category of malicious software, designed to spy on your online activity, steal your data, or damage your network and devices. The main examples of malicious software include trojans, viruses, and spyware, which can all be installed on your systems through phishing tactics.

    If you’re targeted by a malware attack, cybercriminals can gain access to your banking information. Without you knowing, hackers can monitor your activity, steal your passwords and drain your accounts.

    There are 560,000 new pieces of malware found every day, with over one billion malware programs currently active. Shockingly, it’s also reported that over five malware vulnerabilities emerge every minute.

    Tips to protect your money from a malware attack:

    • Install reliable antivirus or anti-malware software on your network and devices.
       
    • Never download programs from unverified sites.
       
    • Take caution when connecting to public Wi-Fi networks.

  • 4. Social Engineering

    Social engineering cyber security threats are a broader type of phishing attack. The attacker will look to exploit an individual psychologically rather than target technical vulnerabilities. Cybercriminals will manipulate you into giving over your personal information, such as your banking details.  

    Attackers manipulate you into revealing confidential information or taking actions that compromise security. While many social engineering attacks can appear legitimate, engaging with them can result in you losing your personal data, including your finances.   

    According to sources, 98% of cyber security threats rely on social engineering, so it’s essential to have an awareness of how to prevent them from impacting you and your finances.  

    Tips to protect your money from a social engineering attack:

    • Be cautious when receiving unexpected calls, messages, or urgent requests for your personal information.
       
    • Verify who’s contacted you before sharing any sensitive data. Block and report anyone you feel sceptical about.
       
    • Ensure the messaging and email software you use has a good spam filter.

10 tips for protecting your money from cyber security threats

Here’s a simple, practical checklist to protect your finances:
 

  1. Update your passwords regularly and enable two-factor authentication (2FA).
     
  2. Keep your devices, apps, and networks updated as required.
     
  3. Only use a secure Wi-Fi you can trust when making financial transactions.
     
  4. Verify websites, email addresses and contact information before engaging with a message. Never respond to a suspicious message.
     
  5. Regularly check your bank statements, monitor your accounts, and, where possible, enable alerts to notify you when a transaction has occurred.
     
  6. Set transfer limits, lock your cards, and use virtual cards for online purchases.
     
  7. Backup your financial data offline or in secure cloud storage.
     
  8. Stay educated and keep learning about scams and emerging threats.
     
  9. Only use secure, reputable vendors and apps.
     
  10. Speak to your financial service provider if you suspect you could be a victim of cyber security threats.

We run fraud awareness sessions


Our 12 branches host various scam and fraud awareness sessions throughout the year. Keep an eye on our community Facebook groups, contact us or pop into your local branch to find out when our next session will be.
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What to do if you’ve fallen victim to a cyber attack

If you suspect you’ve been targeted by an online threat, contact your building society or bank immediately and freeze any accounts or cards. Document everything you can by keeping logs and screenshots for investigations. The more information the authorities have, the better they’ll be able to support your case.

Report any financial fraud incident to the Police Action Fraud. Call them on 0300 1232 040 or visit actionfraud.police.uk.

If you’re reporting a fraudulent incident from your Leek Building Society account, call us on 0800 093 0004.

Summarising how to protect your money from cyber security threats

It’s easy to think that cyber security threats “won’t happen to me”. In reality, financial cybercrime can affect anyone and cause devastating consequences, such as identity theft, emotional stress and significant financial loss.

By being aware, staying vigilant and taking precautions, you can reduce your chances of being a victim of cyber security threats and ensure your money is kept safe.

Looking to protect your money from cyber security threats?

If you’re looking for a financial services provider that puts you and your safety first, we’re best placed to support you. Our tailored savings and mortgage solutions can be accessed securely online, over the phone or through one of our 12 branches. As a force for good, we exist to help our communities grow, so they can do great things today - and even better things tomorrow.

Remember, vigilance is your greatest defence against cyber security threats. Stay alert, stay informed, and take proactive steps to protect your money online.

 

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