Cyber Attacks on the Rise: Financial Sector Most Affected Featured

By Gamal Khattab October 04, 2023 3046

Financial Sector Under Attack

A recent report by Akamai Technologies has revealed that cyber-attacks on the financial sector have significantly increased, with the Europe, Middle East, and Africa (EMEA) regions being hit the hardest.

Alarming Statistics

The report shows a staggering 119% increase in cyber attacks on the financial sector between the second quarter of 2022 and 2023. This makes the financial sector the third most vulnerable industry in the EMEA region, with nearly a billion attacks on web applications and industry-related APIs.

Insurance Sector at Risk

Among the sub-sectors, insurance companies are the most affected, with over half of all web attacks targeting them. This represents a 68% increase compared to the previous year. Insurance companies are attractive targets because they store a large amount of personally identifiable information, making it easier for hackers to steal identities.

Denial-of-Service Attacks

The EMEA region also experienced the highest number of distributed denial-of-service (DDoS) attacks, accounting for 63.5% of such attacks worldwide. DDoS attacks involve flooding websites with unnecessary data sent by infected devices controlled by hackers.

Political Motivations

Akamai believes that the ongoing war in Ukraine plays a role in these attacks. Hackers politically aligned with Russia target banks in European countries that support Ukraine, leading to an increase in attacks in the EMEA region.

EMEA Region Most Affected

Not only are DDoS attacks prevalent in the EMEA region, but they also target gambling, trading, and manufacturing companies more than any other region combined.

Importance of Security

Richard Meeus, Director of Security Technology and Strategy EMEA at Akamai, emphasizes the need for financial services companies to prioritize their security strategies. As cybercriminals continue to target the financial sector, it is crucial for companies to align their security measures with emerging laws and regulations.