{"id":568538,"date":"2025-06-11T12:03:24","date_gmt":"2025-06-11T11:03:24","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=568538"},"modified":"2025-06-11T12:03:24","modified_gmt":"2025-06-11T11:03:24","slug":"ddos-attacks-surge-on-financial-sector-as-cybercriminals-get-smarter","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/ddos-attacks-surge-on-financial-sector-as-cybercriminals-get-smarter\/","title":{"rendered":"DDoS attacks surge on financial sector as cybercriminals get smarter"},"content":{"rendered":"

\"\"Financial sector is the top industry for volumetric DDoS attacks; sophisticated, precision-targeted threats are growing<\/span><\/em><\/p>\n

FS-ISAC<\/span><\/a>, the member-driven, not-for-profit organisation that advances cybersecurity and resilience in the global financial system, and\u00a0<\/span>Akamai Technologies, Inc<\/span>., the cybersecurity and cloud computing company that powers and protects business online, today released their\u00a0<\/span>joint annual report<\/span>\u00a0analysing the strategic threat posed by the escalating number and sophistication of distributed denial-of-service (DDoS) attacks and their impact on customer trust, operations, and profitability in the financial services sector.<\/span><\/p>\n

The report,\u00a0<\/span>From Nuisance to Strategic Threat: DDoS Attacks Against the Financial Sector,<\/span><\/em>\u00a0found that in 2024, the financial services sector was the top target of volumetric DDoS attacks, which aim to overwhelm the target with sheer traffic. DDoS attacks on financial firms\u2019 Application Programming Interfaces (APIs) and customer-facing websites are also on the rise. These precision-targeted attacks are challenging to detect because they closely mimic legitimate user behaviour, indicating a new level of sophistication among cyber criminals.<\/span><\/p>\n

The joint report details attack data by region with profiles of the sector\u2019s most prolific attackers. It also provides a DDoS Maturity Model that financial firms can leverage to evaluate their current capabilities and practices to prepare for DDoS attacks, as well as fundamental cyber practices for managing DDoS threats.<\/span><\/p>\n

\u201cDDoS attacks are becoming increasingly sophisticated, evolving from simple network flooding to targeted, multi-dimensional assaults that exploit intricate vulnerabilities across the entire supply chain,\u201d said\u00a0Teresa Walsh, FS-ISAC\u2019s Chief Intelligence Officer and Managing Director, EMEA<\/strong>. \u201cAs threat tactics continue to evolve, we must ensure our technical defenses evolve and our people, tools, and processes work seamlessly together. It is critical that we harden our infrastructure and foster a culture of continuous vigilance and collaboration to protect continuity and customer trust.\u201d<\/span><\/p>\n

Together, FS-ISAC and Akamai developed a five-level DDoS Maturity Model detailing DDoS-relevant characteristics, defensive capabilities, and risks to help financial institutions assess their ability to withstand DDoS attacks. Institutions at any level of cyber maturity can use it to identify areas for improvement and improve their resilience, prioritise investments, and facilitate ongoing improvement.<\/span><\/p>\n

\u201cThreat actors will continue to leverage DDoS attacks to exploit the security of our institutions,\u201d said\u00a0Steve Winterfeld, Advisory CISO of Akamai<\/strong>. \u201cThese attacks strive to exhaust an institution\u2019s network infrastructure and in turn, drain the resources used to defend against them. The implementation of mitigation strategies, robust cyber hygiene fundamentals, and industry best practices can help the sector defend against the evolving risk.\u201d<\/span><\/p>\n

Key findings highlight the shifting dynamics of DDoS threats \u2014 from the increasing use of DDoS-for-Hire services to regional surges in activity \u2014 underscoring the urgent need for advanced, adaptive defense strategies. Highlights of the report include:<\/span><\/p>\n