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Tuesday, January 22, 2013

Two-thirds of banks suffered a DDoS attack in 2012

More than two-thirds (64%) of banks in the US have suffered at least one Distributed Denial of Service (DDoS) attack in the past 12 months, according to independent research commissioned by Corero Network Security.  IT and IT security managers at 650 banks responded to the survey, which also revealed that almost one in two banks (49%) of respondents had suffered multiple DDoS attacks in the past 12 months.  Surprisingly, however, 50% of respondents cited insufficient personnel and expertise and a lack of effective security technology as the key barrier impacting their ability to deal with DDoS attacks.

Banks are still predominately relying on previously deployed traditional technology, in particular firewalls (35%), to protect their organisation from today’s sophisticated attacks according to the survey, further raising concerns about the extent of board-level buy-in.

Morgan Chase & Co., Bank of America and Wells Fargo were just a few high-profile victims of cyber attacks in 2012 – a year which raised serious concerns regarding the safety of financial institutions – and Meyer says this is prompting banks into action.  “We are seeing a tonne of activity in terms of engagement of the number of banks who are searching for information about DDoS mitigation, so I actually think there is going to be a ramped amount of spending in 2013,” he said.

We have met with a few banks already this year and all of them have a budget for DDoS, and many of them for on-premise DDoS.”

Link: http://www.insurancetimes.co.uk/two-thirds-of-banks-suffered-a-ddos-attack-in-2012/1400637.article

Posted on 01/22
FinancialTrendsPermalink