AI-Powered Social Engineering Heightens Cyber Risks for Australian Financial Sector

Recent insights from CrowdStrike reveal a dramatic shift in cyberattack strategies against the financial services sector, with 81 percent of interactive intrusions being malware-free as of June 2025.

This significant change, amid a 26 percent rise in such intrusions over the past year, highlights the evolving nature of cyber threats where adversaries gain network presence without deploying traditional malware.

While cybercrime continues to be the primary cause of security breaches, a notable 80 percent increase in intrusions linked to nation-state actors signals an expanding threat landscape for financial institutions. Intrusions related to electronic crime also rose by 10 percent year-on-year, indicating persistent vulnerabilities.

Fabio Fratucello, CrowdStrike's Field CTO worldwide, underscored the value financial institutions present to both nation-states and criminals due to the sensitive data and intellectual property they hold. He emphasised that the robust defences at endpoint devices have shifted the attack focus to exploiting human and machine interactions, thereby making identity the new security frontier.

Fratucello explained that adversaries are leveraging generative AI tools to enhance the sophistication of social engineering attacks, rendering them more effective. These AI-crafted intrusions exploit human weaknesses, resulting in a higher click-through rate, a key measure of attack success in cybersecurity. The simulation of human interactions and the pervasive use of identity-based exploitation underline the critical importance of securing identities within organisations.

For Australian financial service firms, the focus must shift towards strengthening identity security. As Fratucello pointed out, businesses need comprehensive detection, response, and prevention strategies to safeguard their cloud environments. Drawing an analogy, he compared this to securing different access points of a house with advanced surveillance and protection mechanisms.

Emphasising a proactive approach, Fratucello advocates for embracing AI as a core defensive technology. By adopting AI-driven security capabilities, organisations can enhance their defensive strategies, improving speed, consistency, and reducing human error. This technological embrace is pivotal for regaining the upper hand against increasingly sophisticated cyber adversaries.

Published:Thursday, 25th Sep 2025
Source: Paige Estritori

Share this news item:

Finance News

Australians Leverage Boat Rentals to Offset Rising Living Costs

26 Sep 2025: Paige Estritori

In response to escalating living expenses, many Australians are transforming their personal boats into income-generating assets. This trend is particularly evident among middle to upper-middle income earners aged 25 to 55, who are seeking innovative ways to manage financial pressures. - read more

MotorCycle Holdings Reports Record $650 Million Sales in FY25

25 Sep 2025: Paige Estritori

MotorCycle Holdings (ASX: MTO), Australia's largest motorcycle retailer, has reported a record sales revenue of $650 million for the financial year 2025, marking an 11.6% increase from the previous year. This achievement comes despite a general softening in the national motorcycle market. - read more

DBS Bank Targets A$20 Billion in Australian Lending by 2030

25 Sep 2025: Paige Estritori

DBS Group, Singapore's leading bank, has announced ambitious plans to double its Australian lending book from A$11 billion to A$20 billion within the next five years. This strategic move aims to capitalize on strengthening trade ties between Australia and Southeast Asian nations, including Singapore, Indonesia, Malaysia, and Vietnam. - read more

Rate Money Offers Competitive Rates for Self-Employed Borrowers

25 Sep 2025: Paige Estritori

In a bid to support Australia's self-employed community, non-bank lender Rate Money has announced significant reductions in interest rates across its 'Evolve Easy Doc' loan range. Effective June 30, 2025, the new rates start from 6.64% per annum, with the 'Easy Doc One Year' product now available from just 6.09% per annum. Additionally, the company has removed interest-only loading on investment loans, providing further financial relief to borrowers. - read more

AI-Powered Social Engineering Heightens Cyber Risks for Australian Financial Sector

25 Sep 2025: Paige Estritori

Recent insights from CrowdStrike reveal a dramatic shift in cyberattack strategies against the financial services sector, with 81 percent of interactive intrusions being malware-free as of June 2025. This significant change, amid a 26 percent rise in such intrusions over the past year, highlights the evolving nature of cyber threats where adversaries gain network presence without deploying traditional malware. - read more

Click for more Finance News

Jet Ski Loans Articles

Jet Ski Maintenance: How to Keep Your Jet Ski Running Smoothly

Jet skiing is one of the most exhilarating water sports out there and owning a Jet Ski can be incredibly exciting. However, along with the excitement comes the responsibility of ensuring that your Jet Ski is well-maintained. Jet Ski maintenance is important for many reasons, and in this article, we will explore the reasons behind why it should be a top priority for any Jet Ski owner. - read more

Understanding the Weather: Predicting Conditions for a Safe Jetski Experience

Weather plays a pivotal role in almost all outdoor activities, but when it comes to jetskiing, it does more than just influence the level of enjoyment—it dictates the safety and viability of taking to the water. For enthusiasts of this thrilling water sport, knowing how to read and understand weather conditions is not just a skill, it's a necessity. - read more

Jetski Essentials: The Safety Must-Haves for Every Aussie Rider

Safety on the water is paramount, and as thrilling as jet skiing can be, it is essential to recognize the risks involved and the importance of being well-prepared. When we talk about jetski safety, it isn't just about compliance with laws and regulations—it's about ensuring that every ride is as safe as it is enjoyable. Understanding the importance of safety on the water is the first step to becoming a responsible jetski operator. - read more

Beyond the Purchase Price: Unexpected Costs of Owning a Jet Ski

Welcome to our deep dive into the unexpected costs of owning a jet ski. While the thrill of skimming across the water on a sunny day is undeniable, it's important to be aware of the hidden expenses that come with owning such a high-adrenaline watercraft. - read more

Jet Skiing with Kids: Safety Guidelines Every Parent Should Know

Jet skiing can be a fun and exhilarating activity for families, but safety should always be a top priority, especially when children are involved. In Australia, there have been numerous jet skiing accidents involving children, with some resulting in serious injuries or even fatalities. It is important for parents to be aware of the potential risks and to take appropriate safety measures to protect their children when jet skiing. - read more

Knowledgebase

Loan Application Fees:
Fees that are charged to cover or partially cover the lender's internal costs of setting up a loan approval for a home buyer.

AI-Powered Social Engineering Heightens Cyber Risks for Australian Financial Sector

AI-Powered Social Engineering Heightens Cyber Risks for Australian Financial Sector

Share this news item:

START HERE.