Why financial institutions must rethink security beyond cyber threats

Earlier this year, NCR Atleos and Trellix brought together financial institutions, cybersecurity specialists, law enforcement representatives, and academic experts at the Cyber Quarter in Dundee for our inaugural Cyber Security Summit. The objective was simple: explore how financial institutions can stay ahead of an increasingly complex threat landscape.

One of the clearest conclusions from the event was that banking security can no longer be viewed solely through a cybersecurity lens. Today's threats span both the physical and digital worlds, creating a security environment where ATM attacks, organized crime, fraud, artificial intelligence, and regulatory challenges are becoming increasingly interconnected.

As the first blog in our Cyber Summit series, we explore how financial institutions can strengthen resilience against evolving threats while maintaining the trust of consumers and communities.

The changing face of ATM crime

While many financial institutions have invested heavily in cybersecurity, physical attacks against banking infrastructure remain a significant concern.

Recent industry data reveals an interesting trend. Across Europe, the total number of physical ATM attacks has declined, yet the financial impact of successful attacks continues to rise. Criminal groups are becoming more selective, targeting higher-value locations and using increasingly sophisticated methods to maximize returns.

Explosive attacks, in particular, continue to account for the majority of losses. These incidents not only result in stolen cash but can also cause extensive damage to ATM equipment, branch facilities, and surrounding property. In many cases, the cost of repairs, downtime, and service disruption far exceeds the value of the cash taken.

For financial institutions, this highlights an important shift in risk management. Security strategies can no longer focus solely on reducing attack frequency. They must also address the potential severity and business impact of successful incidents.

Organized crime is adapting faster

A recurring discussion throughout the summit was the professionalism of modern criminal networks.

Many successful ATM attacks now involve organized groups operating across multiple countries. These networks conduct detailed reconnaissance, share intelligence, leverage advanced tools, and coordinate highly targeted attacks. At the same time, equipment once limited to specialist users has become far more accessible, reducing the barriers to entry for would-be attackers.

As a result, institutions are facing adversaries that operate with greater speed, sophistication, and efficiency than ever before.

This evolution reinforces the need for layered security approaches that combine physical hardening, intelligence-led risk assessments, and real-time monitoring capabilities.

Security is becoming an ecosystem challenge

One of the strongest themes to emerge from the Cyber Summit was the growing need for collaboration.

Fraudsters and criminal organizations rarely limit themselves to a single attack vector. Physical attacks, social engineering campaigns, payment fraud, and cyber threats increasingly overlap, allowing criminals to exploit gaps between teams, technologies, and organizations.

To combat these threats effectively, financial institutions must move beyond siloed approaches to security. Physical security teams, fraud specialists, cybersecurity professionals, regulators, law enforcement agencies, and technology providers all play a role in protecting the banking ecosystem.

Greater intelligence sharing and stronger industry-wide collaboration will be critical to identifying emerging threats and responding more quickly when incidents occur.

Building trust in an increasingly digital world

The summit also explored a broader challenge facing the banking industry: maintaining trust as financial services become increasingly digital. Digital banking, biometric authentication, and emerging digital identity initiatives offer tremendous convenience and efficiency. However, they also introduce new questions around privacy, education, accessibility, and consumer confidence.

Not all customers are equally prepared for this transition. Digital exclusion continues to affect individuals across all age groups, from those who lack confidence with technology to those who depend on others to help manage their financial affairs.

For financial institutions, security is no longer just about protecting systems. It is also about ensuring customers understand the tools and services designed to keep them safe. Clear communication, accessible digital experiences, and ongoing education will become increasingly important as digital adoption accelerates.

The path forward

The conversations in Dundee made one thing clear: the threats facing financial institutions are evolving faster than traditional security models.

Success will require a broader view of resilience. Financial institutions must strengthen physical security controls, embrace intelligence-led security strategies, improve cross-industry collaboration, and ensure customers remain at the center of digital transformation efforts.

Most importantly, security must be viewed as a shared responsibility across the entire banking ecosystem.

As attackers become more organized and technology continues to evolve, institutions that integrate physical security, fraud prevention, cybersecurity, governance, and customer education into a unified strategy will be best positioned to protect their operations and maintain the trust that underpins every banking relationship.

This is the first in a four-part Cyber Summit blog series from NCR Atleos. In the next instalment, we will explore how AI-enabled fraud, social engineering, and emerging attack vectors are reshaping the security priorities of financial institutions.