A new study by the Financial Services Information Sharing and Analysis Center (FS-ISAC) and Akamai paints a concerning picture: distributed denial-of-service (DDoS) attacks are on the rise, especially for financial institutions.
The report reveals a 22% year-over-year increase in DDoS attacks targeting financial companies globally. However, the situation in Europe is particularly alarming. Between November 2021 and November 2022, Europe witnessed a staggering 73% surge in DDoS attacks – the highest regional increase observed in the study. Even more troubling, nearly half of all DDoS attacks in Europe during this period specifically targeted financial institutions.
So how do these attacks work? DDoS attacks essentially bombard a website’s servers with a flood of fake traffic requests. This overwhelming influx can cause the website to crash or become unavailable to legitimate users, effectively disrupting operations.
To launch such attacks, cybercriminals rely on vast networks of compromised devices, known as botnets. These botnets can be comprised of anything from smart home speakers to routers, all infected with malware and unknowingly aiding the attack.
The motivations behind DDoS attacks can vary. Sometimes, attackers use them as an extortion tactic, demanding payment to stop the assault. In other cases, DDoS attacks might be a diversionary tactic, keeping IT teams busy while a more serious cyberattack unfolds in the background.
The FS-ISAC and Akamai study underscores the persistent threat of DDoS attacks, especially for financial institutions in Europe. Businesses and organizations need to remain vigilant and implement robust cybersecurity measures to mitigate the risks associated with these attacks.
