Financial services accounts for 34% of DDoS attacks, ahead of gaming at 18% and high technology at 15%. The research is revealed within a report published by Akamai, entitled: Navigating the Rising Tide: Attack Trends in Financial Services.
Layer 3 and Layer 4 DDoS attacks target network and transport layers, overwhelming network infrastructure and exhausting server resources and bandwidth. The report reveals that the increased DDoS events stem from ongoing geopolitical tensions, which have fueled a surge in hacktivist activities.
Go deeper with GlobalData
This includes one of the largest cyberattacks Akamai has ever observed against a major financial services company in Israel.
Navigating the Rising Tide: Attack Trends in Financial Services also details the involvement of well-known threat actors such as REvil, BlackCat (ALPHV), Anonymous Sudan, KillNet, and NoName057 — all notable for their activities related to the Russia-Ukraine war.
Other main findings of the report
- Financial services is the sector most impacted by brand impersonation and abuse (36%). This is far ahead of the second most targeted vertical — commerce (26%).
- Phishing dominates the counterfeit domains that are targeting financial services, accounting for 68% of all recorded instances. Brand impersonation follows in second place, representing 24% of all recorded domains.
- Akamai observed sharp increases in the number of Layer 7 DDoS attacks that specifically target APIs. Of particular concern are undocumented shadow APIs, which are often unprotected because information security teams are unaware of their existence. Attackers can exploit these APIs to exfiltrate data, bypass authentication controls, or perform disruptive acts.
- DDoS event frequency doesn’t always correlate with attack intensity. Although some months show few attacks, the corresponding data indicates significant traffic spikes, emphasising the need to consider both attack frequency and volume when assessing DDoS attacks.
“Cybercrime poses a significant threat to the financial services sector as it tries to cause widespread disruption and serious economic damage,” said Steve Winterfeld, Advisory CISO at Akamai. “This report is designed specifically to help financial services cybersecurity professionals around the globe understand the increasingly complex threat landscape and best practices to protect customers.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
