Report: 11% of DDoS attacks in APAC target financial institutions

According to the recent report from FS-ISAC, a nonprofit focused on global financial cybersecurity, and Akamai Technologies, a cloud-based cybersecurity firm, distributed denial-of-service (DDoS) attacks against the financial services sector in the Asia-Pacific (APAC) region are on the rise.

The report underscores that 11% of all DDoS attacks in APAC were directed at financial institutions, ranking it as the third most targeted sector following commerce and gaming. Also, 91% of these attacks in the region specifically targeted banking, in contrast to the global average of 63%.

This collaboration emerged from Akamai’s participation in FS-ISAC’s Critical Providers Program, initiated in 2022 to bolster supply chain security in the financial sector.

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“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,” Teresa Walsh, chief intelligence officer and managing director, EMEA, at FS-ISAC, said in a media release. 

She also noted that these DDoS campaigns are becoming more persistent and increasingly multi-vector as they target all areas of the financial sector, including wealth management, banking, credit cards, digital payments, and insurance.

Growing power of botnets

Key findings underscore the increasing prevalence and complexity of DDoS attacks, especially in the second and third quarters of 2023. Larger firms and prominent banks are prime targets due to their visibility, though they typically have robust mitigation strategies.

Fueled by the growing power of botnets and intensified hacktivism amid geopolitical tensions like the Russia-Ukraine conflict, the financial industry experienced a 154% surge in DDoS attacks from 2022 to 2023. Globally, over one-third (35%) of all DDoS attacks in 2023 targeted financial services, surpassing the gaming sector as the most targeted vertical.

The report outlines significant incidents from 2023, including record-breaking DDoS attacks against Akamai’s clients worldwide. Akamai countered a massive attack in APAC, employing over 225 frontline responders and a dedicated defense platform, resulting in no reported collateral damage despite peak attack traffic reaching 900.1 Gbps and 158.2 Mpps.

DDoS-for-hire services

The report examines how various entities, such as nation-states, ransomware groups, and hacktivists, exploit DDoS attacks for targeted assaults or broader campaigns, often utilizing affordable DDoS-for-hire services. It underscores the importance of proactive cyber hygiene measures like regular network assessments to mitigate these attacks’ impact.

DDoS attacks pose significant risks beyond immediate disruption, potentially eroding credibility, trust, and financial stability. They may also conceal other malicious activities, such as data theft or cyber espionage.