The Growing Threat to the Banking Sector: Lumen’s Q3 DDoS Report Reveals Alarming Trends

The Banking Industry Takes the Top Spot as the Most Targeted Vertical in Q3 2023 According to Lumen Technologies

A Day of Unprecedented Attacks

According to the latest report from Lumen Technologies, the banking industry has seen a drastic increase in Distributed Denial of Service (DDoS) attacks, making it the most targeted vertical in Q3 2023. The findings reveal that on September 21, 2023, a single banking customer was hit with over 230 DDoS attacks, a staggering 4,500% increase over the daily average for the industry. However, thanks to Lumen‘s multi-layered approach to DDoS mitigation, the customer experienced no downtime and successfully defended against the attacks.

The Importance of Multi-Layered DDoS Mitigation

Brett Lemarinel, Director of Unified Threat Management for Lumen, attributes the successful mitigations to Lumen‘s multi-layered approach to DDoS mitigation. Lumen‘s network incorporates countermeasures and intelligent routing technology, which channels excess traffic through their extensive network of over 500 scrubbing locations. In addition, Lumen utilizes Rapid Threat Defense, a proprietary capability that leverages threat intelligence from Lumen Black Lotus Labs® to block DDoS botnet traffic before it reaches the customer’s environment. This multi-layered approach ensures that even determined attackers are thwarted in their attempts to disrupt and damage businesses.

A Warning for All Businesses

The significant number of mitigations carried out in a single day against the banking customer serves as a warning to all businesses. The events of September 21 highlight that any business, regardless of industry, can become a target of cyber attackers. Lemarinel urges businesses to recognize the constant presence of threats and to bolster their defenses against potential attacks. The rise in attacks on the banking industry underscores the importance of implementing robust security measures to protect financial data and maintain trust with customers.

Insights from the Report

The report from Lumen Technologies also highlights other notable findings:

Unprecedented Four-Vector Combination

During the September 21 attacks, Lumen observed a never-before-seen four-vector combination employed by the attackers. This combination included DNS Amplification, IP Fragmentation, Invalid Packets, and Static Filtering. Cyber attackers frequently modify their vector combinations to evade mitigation strategies, but Lumen‘s DDoS mitigation platform demonstrated the flexibility to recognize and stop these attacks before they could harm targeted customers.

A Decrease in Total Number of Attacks

Despite the alarming increase in attacks on the banking industry, the overall number of DDoS attacks decreased in Q3 2023. This decrease can be attributed to the fact that cyber attackers often operate their operations seasonally, experiencing ups and downs similar to businesses. Lumen mitigated a total of 4,217 attacks in Q3 2023, representing a 23% decrease compared to the previous quarter and a 24% decrease on an annual basis.

Application Threats Targeting the Banking Industry

In addition to DDoS attacks, Lumen‘s application protection partner, ThreatX, highlighted the banking industry as the most targeted vertical for application threats. Among all industries, the highest percentage of blocked traffic (25.5%) came from programmatic access, which refers to suspicious and automated attempts to access web applications. This number surged by 89% compared to the previous quarter. Furthermore, the banking sector experienced a significant percentage (nearly 25%) of “Attacks Against Authentication,” highlighting attempts to gain unauthorized access to financial data. To protect financial institutions, it is crucial to implement robust web application and API protection solutions.

Protecting Businesses in an Evolving Cyber Threat Landscape

The Importance of Internet Security

The increasing frequency and complexity of cyber attacks underscore the importance of businesses prioritizing their internet security measures. The interconnected and digital nature of the modern world has created a vast landscape of vulnerabilities that malicious actors exploit for financial gain, political motives, or sheer disruption. As businesses become more reliant on digital infrastructure, they must consider the potential consequences of an attack on their operations, finances, and reputations.

The Need for Multi-Layered Defenses

The case of the banking industry being targeted highlights the need for a multi-layered approach to cybersecurity. Relying on a single security measure or relying solely on perimeter defenses is no longer sufficient. Cyber threats are continually evolving, utilizing sophisticated techniques and targeting various points of vulnerability. Businesses must invest in comprehensive security solutions that encompass network-level defenses, intelligent routing technologies, threat intelligence, and robust application and API protection.

The Role of the Banking Industry

As the most targeted vertical in Q3 2023, the banking industry must take a leadership role in bolstering internet security practices. Financial institutions handle vast amounts of sensitive customer data and play a critical role in the global economy. It is imperative that they prioritize cybersecurity investments and collaborate with technology partners to develop effective defense strategies.

Building a Culture of Cybersecurity

While technological measures are essential, creating a culture of cybersecurity within the banking industry is equally crucial. This involves fostering an environment where employees, from the C-suite to frontline staff, are educated about the risks, trained in best practices, and encouraged to remain vigilant. Additionally, organizations should establish robust incident response protocols to ensure swift and effective action in the event of an attack.

Conclusion

The report from Lumen Technologies highlights the alarming increase in DDoS attacks against the banking industry in Q3 2023. The successful defense of a banking customer against a record-breaking number of attacks showcases the importance of a multi-layered approach to cybersecurity. Businesses across all industries must recognize the constant threat of cyber attacks and invest in comprehensive security solutions. The banking industry, in particular, must take a leadership role in safeguarding financial data and fostering a culture of cybersecurity. By prioritizing internet security and implementing robust defenses, businesses can navigate the evolving cyber threat landscape and protect their operations, finances, and reputations.