Ransomware attacks on financial services have increased - Up

The report, released by Akamai Technologies, states that the financial sector has become a prime target for cybercriminals in 2023, with companies in Europe and the Middle East, in particular, suffering significant damage.

According to the report, cyberattacks on the financial sector have seen a staggering 119% increase when comparing the second quarters of 2022 and 2023. This increase ranks the financial sector as the third most targeted across Europe, the Middle East, and Africa, with nearly a billion attacks on web applications and industry-related APIs.

Insurance subsectors are the hardest hit, accounting for more than half of all web attacks, marking a 68% yearly increase. Akamai points out that insurance companies are a primary target due to their storage of large amounts of personally identifiable information, providing threat actors with opportunities for identity theft.

Additionally, Europe, the Middle East, and Africa witnessed the majority of distributed denial-of-service (DDoS) attacks, comprising 63.5% of such attacks globally, nearly double the percentage recorded in North America, which ranked second at 32.6%.

DDoS attacks involve flooding websites with unnecessary data sent through remotely controlled compromised devices.

Akamai believes that the conflict in Ukraine has played a role in these attacks, with politically aligned attackers launching assaults on European financial institutions that support Ukraine. This is cited as the primary reason for the increase in attacks across Europe, the Middle East, and Africa.

Furthermore, DDoS attacks on gambling, commerce, and manufacturing companies were also higher in Europe, the Middle East, and Africa compared to all other regions combined.

Richard Meeus, Chief Security Technology and Strategy Officer for Europe, the Middle East, and Africa at Akamai, commented, "As cybercriminals continue to follow the money, financial services remain an extremely attractive target. At the same time, this is one of the most regulated sectors, so it is essential for companies to align their security strategies with emerging laws and regulations."