The financial services industry continues to be the primary target for distributed denial-of-service (DDoS) attacks, as highlighted in a recent report by Akamai Technologies.
Description
According to the report, 34% of all DDoS attacks are directed towards the financial services sector. These attacks are fueled by geopolitical tensions and hacktivist activities involving threat actors like REvil, BlackCat [2] [3], and Anonymous Sudan [1] [2] [3] [4]. Phishing attacks [4], particularly through counterfeit domains, make up 68% of recorded instances in the industry. Brand impersonation and abuse are significant concerns for financial institutions. Layer 7 DDoS attacks targeting APIs [1] [3] [5], especially exploiting undocumented shadow APIs [1], are on the rise [1]. It is essential for financial companies to conduct API discovery to bolster security against these attacks. The report stresses the importance of cybersecurity professionals understanding the complex threat landscape and implementing best practices to safeguard customers [4]. While DDoS events are frequent, the intensity of attacks does not always align, underscoring the need to consider both attack frequency and volume when assessing DDoS threats [1] [2] [3] [5]. Insights on credential stuffing attacks [4], regional data [4], Zero Trust [4], microsegmentation [4], and mitigation strategies for defending against DDoS attacks [1] [4], phishing [1] [2] [3] [4] [5], brand abuse [1] [2] [3] [4] [5], and ransomware are also included in the report. Akamai’s Security solutions aim to protect applications without compromising performance or customer experience [2].
Conclusion
In conclusion, the financial services industry faces ongoing challenges from DDoS attacks, phishing [1] [2] [3] [4] [5], brand abuse [1] [2] [3] [4] [5], and ransomware [1] [4]. It is crucial for companies to stay vigilant, implement robust security measures, and adapt to the evolving threat landscape to protect their customers and maintain trust in the digital age.
References
[1] https://cioinfluence.com/cloud/akamai-finds-geopolitical-tensions-driving-surge-in-ddos-attacks-on-financial-institutions/
[2] https://menafn.com/1108682105/Akamai-Finds-Geopolitical-Tensions-Driving-Surge-In-Ddos-Attacks-On-Financial-Institutions
[3] https://longportapp.com/en/news/214482614
[4] https://www.stocktitan.net/news/AKAM/akamai-finds-geopolitical-tensions-driving-surge-in-d-do-s-attacks-55t98x6c6wpl.html
[5] https://www.retailbankerinternational.com/news/fs-sector-top-for-phishing-and-ddos-in-emea-reports-akamai/
