In recent months, there’s been a major rise in DDoS attacks targeting financial institutions. What’s scary is that these attacks aren’t just increasing in number, they’re also getting way more advanced and harder to detect. Cybercriminals have stopped relying only on traditional “flooding” methods. Now, they’re combining smarter techniques that slip past basic defenses.
Banks and financial firms are becoming one of the top targets for hackers. One reason is that even the smallest disruption in a financial system can cause panic, loss, and headlines. That’s exactly what attackers want. Recently, reports have shown that financial services faced the highest number of DDoS attacks across all industries. The Asia-Pacific region alone saw 38% of all volumetric DDoS attacks, which is a massive jump from just 11% the previous year. This shows just how fast things are escalating.
Attackers are also shifting their focus. Instead of just taking down websites, they’re now going after application layers, payment systems, APIs, and backend services. These attacks are harder to notice because they often look like regular user traffic. There was a 23% rise in these kinds of attacks compared to the previous year.
One of the biggest reasons these attacks are spreading is the easy access to DDoS-as-a-service platforms. Yes, it’s now possible for anyone, even without technical skills, to rent powerful attack tools online for a small fee. That means more attackers, more attacks, and more pressure on businesses.
Another major concern is politically motivated cyberattacks. Because of ongoing conflicts like Russia vs Ukraine and tensions in the Middle East, many hacktivist groups are targeting banks to make a statement or cause disruption. Financial institutions have always been a symbol of stability, which attackers want to shake.
There were cases where more than 20 banks across six countries in the APAC region got hit with wave after wave of DDoS attacks. These weren’t just one-off attacks. They happened over days or weeks, hitting different parts of their systems each time. This kind of persistence is what makes them so dangerous.
Many of these are multi-vector attacks, which means the hackers hit several parts of the system at once, like the website, login services, APIs, and even backend servers. Defending against these requires advanced tools and a fast-responding security team. To help tackle this rising threat, FS-ISAC (a major financial services security group) teamed up with Akamai to create a DDoS Maturity Model. This model helps organizations check how prepared they are and what steps they need to take to get better at defense.
The model has five levels, from beginner to advanced, and it focuses on things like threat detection, automated response, and strong coordination across teams. It’s a great way for financial firms to understand where they stand and how to level up. Some key recommendations include blocking risky file types, securing APIs, analyzing network behavior in real time, and most importantly, training all departments, not just the IT team. These days, security needs to be everyone’s job.
A DDoS attack can do more than slow down a website. It can damage reputation, break customer trust, disrupt services, and even trigger compliance problems if it affects transactions. For a financial firm, that can mean major losses in just minutes.
In short, DDoS attacks have changed a lot. They’re no longer basic or noisy. They’re smart, sneaky, and dangerous. Financial institutions need to stay ahead by investing in better tools, smarter defenses, and regular training. Because when it comes to cybersecurity, prevention is always better than damage control.
Stay informed. Stay secure.
—Cybersecurity88 Editorial Team
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