The financial sector and DDoS attacks
Increasingly, more sectors and companies are affected by DDoS attacks. However, one sector is one of the cybercriminals’ favorite targets: the financial services sector.
The pandemic and remote work have encouraged significant increases in DDoS attacks on financial services since the first half of 2020. The trend continues. Such attacks have prospered with the interruption they can cause by launching an attack against a bank. That is why they give rise to slower response times on the site or even prevent clients from accessing their online banking or applications.
Why are financial institutions the favorite targets of attacks?
While the main target of cybercriminals is to give a poor experience for the user while using banks and their services, the truth is that some of those attacks aim not only at central IT banking systems but also at the accounts of clients and a broader payment ecosystem.
Banks, insurance companies, and financial service firms, in general, are still the main targets of cybercriminals. These criminals intend to steal money, interrupt operations, destroy or intervene with critical infrastructure, and steal information.
Additionally, at the end of 2020, Ransom-type threats, such as Denial of Service (DDoS) Ransom-type threats, were used against many organizations in the financial sector. This type of threat is based on extortion to launch DDoS attacks. Here is where agents of threats are motivated by financial profits and demand for payments to prevent attacks.
Why is it important to talk about the mitigation of DDoS attacks in the financial sector?
According to a study published by Deloitte, 88% of cyberattacks in this sector are successful for at least one day. However, less than 21% are detected in such same period. The economic impact and the impact on reputation compel us to think about more effective ways to mitigate DDoS attacks. This impact may escalate to millions of dollars if not detected on time.
Although the financial industry has been implementing strategies for several years to mitigate DDoS attacks, the truth is that more advanced methods are necessary to allow them to monitor “that which is unknown to them.” This, through thorough observation and predictive analytic intelligence.
That is why financial firms need true solutions to mitigate DDoS attacks to mitigate their impact. Financial firms need faster, more efficient, and more reliable solutions to be fully protected. You must choose a provider who is a leader in security and has the necessary capacity to defend from cybercriminals. At the same time, you must buffer the impact of such threats regardless of the size.
With improved security, you can ensure continuity of the organization’s operations and the confidence to clients that their money, investments, and personal data are safe.
At NGIN Services, we feature technology to prevent DDoS attacks. We work with financial institutions and all types of institutions to prevent cyberattacks and reduce the impact on your organization.
We invite you to contact us and ask for a quote today.
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