Asian banks need to allocate sufficient funds to combat DDoS attacks
With rapid adoption of broadband connectivity, banks across the region may experience increased DDoS attacks, targeting banks’ networks and online banking capabilities. July 23, 2012 | Carol WheatcroftAccording to a global annual survey conducted by Arbor Networks, a technology provider focused on enterprise network monitoring and security solutions, Distributed Denial of Service (DDoS) attacks have seen a recent spike. A DDoS attack occurs when multiple systems flood a targeted system, usually one or more servers, and by doing so can shut down a bank’s online channels, preventing customers from accessing the bank. Figure 1. Most significant operational threats over the past year
In the survey, 35% of security industry respondents cited political or ideological motivations for such attacks while 31% cited nihilism and vandalism as attack motivations. Retribution for the global financial crisis was another reason given for targeting financial institutions; barely 10% of respondents referred to this reason two years ago. DDoS attacks are not a new phenomenon, but according to Dr. Jose Nazario, senior manager of security research at Arbor Networks, the nature of these attacks is becoming more sophisticated. He cited a new development first seen in the US involving a ‘Gameover Trojan’ (a new variant of Zeus) working in conjunction with a DDoS attack – as the cyber attack occurs, the activities of the Trojan go unnoticed and customers’ accounts are robbed. Figure 2. Cyber attack motivations
Asian banks are aware of these potential security threats but are often unwilling to spend sufficient money on protection because they have yet to experience the level of attacks seen elsewhere in the world. However, ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Operational Risk & Security, Technology & OperationsOperationalRiskSecurity,technology, Operational Risk & Security,Technology & Operations, Keywords:DDoS, Cyber Security, Arbor Networks, Jose Nazario, Zeus, Trojan, MAS, ISP DDoS, Cyber Security, Arbor Networks, Jose Nazario, Zeus, Trojan, MAS, ISP
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