Around 91% of all distributed denial-of-service (DDoS) attacks in APAC targeted financial services, according to the new DDoS: Here to Stay report released by FS-ISAC and Akamai Technologies, Inc.
DDoS attacks
The report also revealed that financial services is the third-most attacked sector after commerce and gaming in the APAC region , with 11% of DDoS attacks targeting the financial services sector. Around 91% of DDoS attacks in APAC that targeted financial services primarily targeted banking, compared to 63% globally.
The report revealed that DDoS attacks experienced rapid growth in number and volume over the past year.
Geopolitical tensions
The financial services sector accounted for 66% of all DDoS attacks in the Europe, Middle East, and Africa (EMEA) region underscoring how malicious players maximise it for political motives, hacktivism, and cyber warfare, concerning the Russia-Ukraine War.
“While DDoS is an age-old problem, there is a renewed focus driven by heightened geopolitical tensions as nation-states and hacktivists seek to disrupt operations and break trust in the global financial system,” said Teresa Walsh, chief intelligence officer and managing director of EMEA at FS-ISAC.
Robust cyber hygiene
Steve Winterfeld, advisory CISO at Akamai, said that DDoS attacks cost little to launch and can damage companies globally.
“DDoS: Here to Stay explains why the financial sector will continue to see attacks from a variety of threat actors and demonstrates why organisations must prioritise robust cyber hygiene, optimise cyber defences, and ensure compliance with evolving regulation,” he added.