NEW YORK—The financial services sector accounts for 34% of DDoS attacks, a new study shows.
That figure is above gaming at 18% and high technology at 15%, GlobalData reported, citing research 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 the increased DDoS events stem from ongoing geopolitical tensions, which have fueled a surge in hacktivist activities, GlobalData said.
“This includes one of the largest cyberattacks Akamai has ever observed against a major financial services company in Israel,” GlobalData noted.
Phishing Dominates Counterfeit Domains
Main findings from the report, according to GlobalData:
- 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,” GlobalData said
- “DDoS event frequency doesn't always correlate with attack intensity. Although some months show few attacks, the corresponding data indicates significant traffic spikes, emphasizing the need to consider both attack frequency and volume when assessing DDoS attacks,” GlobalData stated, citing the report data
“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.”