According to a new report from Akamai, cyberattacks on European financial services more than doubled between the second quarter of 2022 and the second quarter of 2023.
This report details threats to the industry worldwide, based on data from the company's network of 340,000 servers, distributed across more than 130 countries.
Financial services organizations in the EMEA region (Europe, Middle East and Africa) suffered approximately one billion web application and API attacks during this period. Insurance was the sub-sector that received the most attacks (55%). Akamai believes this is due to the large volume of personal information that insurance companies hold .
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However, financial services is the third most targeted sector in the EMEA region, over the 12-month period.
Regarding DDoS attacks, financial services companies in the EMEA region were a key target (63.5% of attacks detected), between January 2022 and June 2023.
“The number of attacks against this region was almost double the number of the next top region. We assume that this is due to the economic and political motivations of the attackers against European banks. Furthermore, this shows how easily attackers can quickly change their focus,” the report notes.
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Europe, the Middle East and Africa are a key DDoS even outside of the financial sector, with Akamai noting that the gaming, retail and construction sectors are also being targeted.
“As cybercriminals continue to look for money, financial services remain an extremely attractive target. At the same time, this is one of the most regulated sectors and therefore it is essential for companies to align their security strategy with emerging laws and regulations,” warned Richard Meeus, director of technology and security strategy at Akamai.
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Attacks on financial services can have serious consequences. The increased levels of cyberattacks may be related to banks’ extensive use of digital services, making them more vulnerable to data breaches. With customers’ money and sensitive information always on the line, banks and other financial institutions are becoming prime targets for attackers.
Source: www.infosecurity-magazine.com
