DDoS attackers are increasingly targeting fintech companies. Fintech companies are an ideal target for them since they hold a larger market share because they assure faster transactions, 24/7 access, and mobile functionality to the mass public. For this reason, DDoS attackers launch more sophisticated attacks in this industry causing severe business damage to their victims.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) disclosed that more than 100 financial services firms were targets of a wave of DDoS extortion attacks last year. Attackers are successfully launching more sophisticated attacks and getting past the best mitigation systems.
Top 5 Reasons Why Tintech is a DDoS Attackers’ Favorite Target
- Market Conscious - Prioritizing data protection for fintech companies is important, but so is service availability. Consumer's high dependency on services makes it a lucrative target for attackers.
- Most Vulnerable - Fintech companies continuously undergo technological innovation to improvise the security and connectivity of transactions. Since DDoS mitigation solutions must be fine-tuned after every upgrade, new DDoS vulnerabilities are constantly created, making the organization susceptible to DDoS attacks.
- Cut-throat Competition - Financial services such as the cryptocurrency market are getting widespread global attention, with many companies flooding the market and competing for a larger customer share. Services such as DDoS-for-hire also make it easier to launch attacks anonymously — sometimes for as little as ten dollars.
- Active User Communities - Social media is a bustling platform of active consumer communities creating trends and having the power to build or destroy a brand image. DDoS attackers are aware of the brands' urgency to maintain the social image and exploit their vulnerability whenever possible.
- Opportunity to Receive Ransom Payments - Nobody wants to encourage attackers by paying ransomware, but the repercussions of repeatedly denying service to customers, and bad publicity affect companies in the long run. To avoid the risk of a future attack, victims often decide to pay. This can lead to repeated ransom payments as well.
Stay Protected Against DDoS Attacks in the Fintech Industry
The best way to eliminate DDoS vulnerabilities is to be constantly testing for them. MazeBolt's new technology, RADAR™ testing, identifies DDoS vulnerabilities constantly, without any disruption to production environments. It's also DDoS mitigation agnostic, so it works with any existing mitigation solution installed to constantly test every target against any attack vector. With RADAR testing, financial organizations can achieve real-time visibility of all DDoS vulnerabilities with zero downtime.
