A recent report from RPC has revealed that cybersecurity breaches in UK pension schemes increased by 4,000% from 2021/22 to 2022/23. Understandably, the announcement has raised serious concerns about the efficacy of financial service organization’s cybersecurity programmes. Although the reasons for cyberattacks on financial services are fairly obvious – potential financial gains, troves of sensitive data, and valuable supply chains, to name a few – the dramatic increase in attacks represents a general failure on the part of service providers to protect client data. In this article, we will explore the possible reasons for the increase in breaches and what organizations can do to protect themselves.