International. Cybersecurity advocacy organization FS-ISAC and Akamai Technologies have published a study on the rise of distributed denial-of-service (DDoS) attacks that threaten the financial sector and its customers globally.
The report, DDoS: Here to Stay, revealed that more than a third (35%) of DDoS attacks in 2023 targeted financial services, which has overtaken gaming as the most affected.
Due to the rise in the power of botnets and hacktivism motivated by the Russia-Ukraine war, the financial sector saw a 154% increase in DDoS attacks between 2022 and 2023.
"The focus has been renewed due to geopolitical tensions, as countries and hacktivists seek to disrupt operations and wipe out trust in the global financial system," explains Teresa Walsh, Director of Intelligence at FS-ISAC. "These campaigns are becoming increasingly multi-vector, targeting areas of the industry, such as wealth management, banking, credit cards, digital payments and insurance."
The report details the top incursions of 2023, including DDoS attacks that were launched against Akamai customers in the United States, Europe, and the Asia Pacific region. In addition, the report explains how malicious actors have leveraged DDoS attacks as part of campaigns or one-off attacks, often using low-cost, for-hire DDoS services available in underground marketplaces.
It also examines how organizations can mitigate the impact of these attacks through cyber hygiene policies, including regularly assessing their networks, applications, and security measures.
Data included in the report
DDoS attacks are quickly becoming one of the most prevalent types of cyberthreats, having seen rapid growth in both numbers and volume over the past year, with significant increases in the number of attacks during the second and third quarters of 2023.
Larger, brand-recognized companies and banks are more
prone to these attacks, as attackers aim to simulate widespread disruption and disinformation. However, these entities are also more likely to have robust mitigation services in place.
Hacktivists and DDoS attacks can disrupt business operations, leading to a loss of credibility, undermining customer trust, and causing financial damage. On the other hand, DDoS attacks can serve as a smokescreen for other malicious activities, such as data theft or cyber espionage.
In Europe, the Middle East and Africa, the financial services sector received 66% of DDoS attacks, compared to 28% in North America. In Asia Pacific, financial services ranked as the third most targeted sector, accounting for 11% of DDoS attacks.
"Attackers hinder, harass, and extort business," said Steve Winterfeld, chief information security advisor at Akamai. "The report explains why the industry will continue to experience attacks and demonstrates why organizations must prioritize seamless cyber hygiene, optimize cyber defenses, and comply with regulations."
