DDoS attackers are targeting fintech companies as they are the ideal target. Fintech companies 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 causing severe business damages to the 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.
The top 5 reasons why fintech is 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. If the DDoS mitigation solutions must be fine-tuned accordingly after every upgrade; it creates new vulnerabilities susceptible to DDoS attacks.
- Cut-throat Competition - The cryptocurrency market is getting widespread global attention, with many companies flooding the market and competing for a larger customer share. services such as DDoS-for-hire make it easier to launch attacks anonymously for as cheap as 10 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.
- Willing to Pay Ransom - Nobody wants to encourage attackers by paying ransom, but the repercussions of repeatedly denying service to customers, and bad publicity affect companies in the long run. Therefore, to avoid the risk of a future attack victims decide to pay and it usually yields repeated ransom payments.
Best Course of Action
The best way to increase the performance of your DDoS defenses is to launch attacks alongside good traffic. By simulating live DDoS attacks without affecting business continuity fintech companies can detect and fix vulnerabilities in real-time and block all the possibilities of DDoS attacks.
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