In recent years, the frequency and complexity of cyber attacks targeting critical infrastructures have significantly increased, with the banking sector being among the most vulnerable targets. Cyber attacks not only threaten the operational continuity of banks but also undermine public trust, which is a fundamental pillar of economic stability and financial governance. This paper provides a detailed analysis of recent cyber incidents affecting Iranian banks, with a particular focus on the cyber attack against Bank Sepah—an event that exposed major weaknesses in cyber security preparedness and response mechanisms. The study explores various dimensions of the attacks, including technical methodologies such as Distributed Denial of Service (DDoS), malware deployment, and social engineering. Moreover, it investigates the attackers’ strategic objectives, the psychological and financial impact of the attacks on society, and the broader implications for national security. By integrating technical, organizational, and financial perspectives, the paper proposes a multi-layered framework to enhance cyber resilience and risk management within Iran’s banking system. The findings underscore the urgent need for coordinated efforts among banks, government agencies, and cyber security experts. Ultimately, the study contributes to the development of effective policies and defense mechanisms to mitigate the risks of emerging cyber threats and ensure the stability and trustworthiness of the financial sector.