More than 154%, according to the report FS-ISAC/Professional This is the increase in DDoS attacks which now have the financial services sector as their primary target. FS-ISAC and Akamai Technologies have released new research on the rise of DDoS attacks (Distributed Denial-of-Service) that threaten the financial services industry and its customers. The report “DDoS: Here to Stay” revealed that 35% of all DDoS attacks in 2023 are targeting the financial services industry.
The new frontier of DDoS attacks
Due to the sharp growth in the power of botnets and hacktivism due to the conflict Russian-Ukrainian, the financial services industry saw a 154% increase in the number of attacks between 2022 and 2023. The report details some of the top breaches of 2023. Including the largest DDoS attacks ever against Akamai customers in the United States United States, in Europe and in the Asia-Pacific area (APAC). In particular, Akamai managed to mitigate a record-breaking attack in the APAC region thanks to the collaboration of over 225 dedicated professionals.
The report data
The report explains how entities working for governments, ransomware attackers, criminal groups and hacktivists have exploited DDoS technology as part of targeted campaigns or individual attacks. Often using DDoS attacks services to low cost available on illegal markets. The text also examines how organizations can to mitigate the impact of these attacks by adopting careful cybersecurity policies. Including a periodic evaluation of your networks, applications and security measures.
The behavior of the attacks and the victims
DDoS attacks are quickly becoming one of the most widespread types of cyber threats. With a rapid growth both in number and volume over the past year, with a significant increase in the number of attacks between Q2 and Q3 2023.
Banks and companies larger recognized brands are more susceptible to attacks. As cybercriminals aim to create a climate of misinformation and service disruption. However, they are also the companies most likely to have robust mitigation systems in place.
Hacktivist and DDoS attacks can disrupt business operations, causing loss of credibility and customer trust, as well as financial damage. Additionally, DDoS attacks can serve as a diversion to cover up other malicious activities, such as data theft or cyber espionage.
Nell’area EMEA (Europe, Middle East and Africa), the financial services sector was hit 66% by DDoS attacks compared to 28% in North America. In APAC, financial services was the third most targeted sector with 11% of DDoS attacks.
Concentration of attacks in EMEA highlights the use of this technology for political reasons, as a tool for hacktivism and cyber warfare, particularly in relation to the Russian-Ukrainian conflict.
The problem of political tensions
Teresa Walsh, Chief Intelligence Officer and Managing Director, EMEA di FS-ISAC
While DDoS attacks are a historic problem, they are receiving increased attention due to increased geopolitical tensions. As entities working for governments and hacktivists seek to disrupt business activities and undermine trust in the global financial system. These DDoS campaigns are becoming more persistent and increasingly multi-vector as they target all areas of the financial industry, including wealth management, banking, credit cards, digital payments and insurance
DDoS attacks now have one primary target: financial services
Steve Winterfeld, Advisory CISO di Akamai
DDoS attackers use a variety of techniques to annoy, harass and extort money to companies. These attacks have minimal cost to bear and can cause serious damage to a company’s brand. The report explains why the financial sector will continue to suffer attacks from various criminals. It also demonstrates why organizations must prioritize strong cybersecurity practices, optimize cyber defenses, and ensure compliance with ever-changing regulations.