Distributed denial-of-service (DDoS) attacks remain a persistent and growing threat in the financial industry, with threat actors increasingly targeting this sector above all others.
DDoS attacks work by overwhelming websites or services with massive volumes of fake traffic, rendering them inaccessible. While this tactic is used across various industries, new research by FS-ISAC and Akamai highlights that the financial sector is especially vulnerable and frequently targeted.
According to their findings, DDoS attacks against financial institutions surged in October 2024 and have continued to rise steadily in both frequency and complexity.
“DDoS attacks are evolving beyond simple network floods into highly sophisticated, multi-layered assaults that exploit complex vulnerabilities throughout the supply chain,” said Teresa Walsh, Chief Intelligence Officer at FS-ISAC.
One key factor contributing to the growing attack surface is the financial sector’s reliance on digital tools like APIs. Between 2023 and 2024, DDoS attacks aimed at APIs rose by 58%, the research shows.
Attackers are also taking advantage of cheap, high-bandwidth resources and advanced computational techniques to launch more efficient and harder-to-detect attacks. The emergence of DDoS-as-a-service platforms further complicates attribution, allowing threat actors to conceal their identities and methods.
Akamai’s analysis also notes that rising geopolitical conflicts such as the Israel-Hamas and Russia-Ukraine wars have fueled a sharp uptick in these attacks, with the Asia-Pacific region bearing the brunt, accounting for 38% of global DDoS incidents.
Motivations behind these attacks vary. Some are financially driven, with cybercriminals launching DDoS campaigns to extort victims by demanding payment to stop the traffic flood. Others are ideologically or politically motivated, using DDoS as a tool of disruption.
The report concludes that DDoS attacks have grown far beyond their traditional nuisance status and now represent a significant strategic threat to the financial sector.
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