DDoS attacks have once again been in the headlines this week after it was revealed that Swedbank, one of the Nordics’ biggest banks, had been taken offline by a denial of service attack.
The attack prevented customers from performing any online transactions or communications with the bank, although it was later confirmed that mobile application and payment functionality had not been impacted. It was the second time this year that the bank has fallen victim of such an attack, in the continuation of a growing international trend that has seen the finance sector regularly targeted.
In July this year the RBS Banking Group was knocked offline for fifty minutes, while in 2014 JP Chase and Bank of America were amongst those that fell foul of DDoS attacks. It’s estimated that it costs banks $100,000 for every hour a DDoS attack is successful, with Gartner estimating that institutions are paying an average of $5 in anti-DDoS ransoms for every $100 it would cost them in damage should a breach occur.
The fact that banks are increasingly willing to pay ransoms, coupled with the dramatic increase in the number of readily available tools to create DDoS attacks, the trend is unlikely to be bucked any time soon. However, there are solutions and steps that can be taken to mitigate the risk of being taken offline by a DDoS attempt, which are relatively simple such as properly segmenting a network, limiting the number of connections and properly managing load balancing and bandwidth.
All of our Next Generation Firewall solutions come with DDoS prevention and mitigation features and automatically implement many of the steps that can reduce the chance of an attack succeeding. To find out more visit our website here.