DDoS Attackers Increase Targeting of Global Financial Sector, According to FS-ISAC and Akamai Report

FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, and Akamai Technologies, Inc. (NASDAQ: AKAM), the cybersecurity and cloud computing company that powers and protects business online, today released their joint annual report analyzing the strategic threat posed by the escalating number and sophistication of distributed denial-of-service (DDoS) attacks and their impact on customer trust, operations, and profitability in the financial services sector.

The report, ​​From Nuisance to Strategic Threat: DDoS Attacks Against the Financial Sector, found that in 2024, the financial services sector was the top target of volumetric DDoS attacks, which aim to overwhelm the target with sheer traffic. DDoS attacks on financial firms’ application programming interfaces (APIs) and customer-facing websites are on the rise as well. These precision-targeted attacks are difficult to detect because they mimic legitimate user behavior, which indicates a new level of skill among cybercriminals.

The joint report details attack data by region, with profiles of the sector’s most prolific attackers. It also provides a DDoS Maturity Model that financial firms can leverage to evaluate their current capabilities and practices to prepare for DDoS attacks, as well as fundamental cyber practices for managing DDoS threats.

“DDoS attacks are becoming increasingly sophisticated, evolving from simple network flooding to targeted, multidimensional assaults that exploit intricate vulnerabilities across the entire supply chain,” said Teresa Walsh, FS-ISAC’s Chief Intelligence Officer and Managing Director, EMEA. “As threat tactics continue to evolve, we must ensure our technical defenses evolve and our people, tools, and processes work seamlessly together. It is critical that we harden our infrastructure, and foster a culture of continuous vigilance and collaboration, to protect continuity and customer trust.”

Key findings highlight the shifting dynamics of DDoS threats — from the increasing use of DDoS-for-hire services to regional surges in activity — underscoring the urgent need for advanced, adaptive defense strategies. Highlights of the report include:

• DDoS attacks on the financial sector have increased disproportionately compared to other industries. The sector remained the leading target for volumetric DDoS attacks year over year, with a major spike in October 2024.
• DDoS attacks are increasing in frequency, and cybercriminals are exploiting today’s high bandwidths and greater computational resources to launch more adaptable, powerful, and cost-effective DDoS attacks.
• Application-layer DDoS attacks against the financial sector increased 23% between 2023 and 2024. The adoption of APIs in financial services has expanded the sector’s threat surface, and malicious actors have evolved their tactics in response. 
• The widespread use of DDoS-for-hire services targeting the financial sector disguises attackers, making it difficult to identify the cybercriminal’s motivation and develop mitigation plans.
• Ongoing geopolitical tensions, particularly the Israel-Hamas and Russia-Ukraine wars, have fueled a surge in hacktivism.
• DDoS attacks on the financial services sector increased significantly in the Asia-Pacific region, accounting for 38% of all volumetric DDoS attacks, up from 11% in 2023.

Together, FS-ISAC and Akamai developed a five-level DDoS Maturity Model detailing DDoS-relevant characteristics, defensive capabilities, and risks to help financial institutions assess their ability to withstand DDoS attacks. Institutions at any level of cyber maturity can use it to identify areas for improvement and improve their resilience, prioritize investments, and facilitate ongoing enhancement.

“Threat actors will continue to leverage DDoS attacks to exploit the security of our institutions,” said Steve Winterfeld, Advisory CISO of Akamai. “These attacks strive to exhaust an institution’s network infrastructure and in turn, drain the resources used to defend against them. The implementation of mitigation strategies, robust cyber hygiene fundamentals, and industry best practices can help the sector defend against the evolving risk.”

The collaboration on this report is a product of Akamai’s founding participation in FS-ISAC’s Critical Providers Program, which was launched in 2022 to bolster the financial sector’s supply chain security.

Download the full report.

About FS-ISAC

FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization’s real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector’s collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.