Under the radar cyber attacks costing financial services companies $924,390 and getting worse
The 2018 Global DNS Threat Report, shared by EfficientIP, leading specialists in network protection, revealed the financial services industry is the worst affected sector
by DNS attacks, the kind cyber attackers increasingly use to stealthily break into bank systems. Last year, a single financial sector attack cost each organization $588,200. This year the research shows organizations spent $924,390 to restore services after each DNS attack, the most out of any sector and an annual increase of 57%.
The report also highlights financial organizations suffered an average of seven DNS attacks last year, with 19% attacked ten times or more in the last twelve months. Rising costs are not the only consequences of DNS attacks. The most common impacts of DNS attacks are cloud service downtime, experienced by 43% of financial organizations, a compromised website (36%), and in-house application downtime (32%). DNS attacks also cost financial institutions time. Second to the public sector, financial services take
the longest to mitigate an attack, spending an average of seven hours. In the worst cases, some 5% of financial sector respondents spent 41 days just resolving impacts of their DNS attacks in 2017.
While 94% of financial organizations understand the criticality of having a secure DNS network for their business, overwhelming evidence from the survey shows they need to take more action. Failure to apply security patches in a timely manner is a major issue for organizations. EfficientIP’s 2018 Global DNS Threat Report reveals 72% of finance companies took three days or more to install a security patch on their systems, leaving them open to attacks.
Nick Itta, VP Sales APAC, EfficientIP, comments on the reasons behind the attacks. “The DNS threat landscape is continually evolving, impacting the financial sector in particular. This is because many financial organizations rely on security solutions which fail to combat specific DNS threats. Financial services increasingly operate online and rely on internet availability and the capacity to securely communicate information in real time. Therefore, network service continuity and security is a business imperative and a necessity.”
Working with some of the world’s largest global banks and stock exchanges to protect their networks, EfficientIP recommends five best practices:
1. Enhance threat intelligence on domain reputation with data feeds which provide menace insight from global traffic analysis. This will protect users from internal/external attacks by blocking malware activity and mitigating data exfiltration attempts.
2. Augment your threat visibility using real-time, context-aware DNS transaction analytics for behavioral threat detection. Businesses can detect all threat types, and prevent data theft to help meet regulatory compliance such as GDPR and US CLOUD Act.
3. Apply adaptive countermeasures relevant to threats. The result is ensured business continuity, even when the attack source is unidentifiable, and practically eliminates risks of blocking legitimate users.
4. Harden security for cloud/next-gen datacenters with a purpose-built DNS security solution, overcoming limitations of solutions from cloud providers. This ensures continued access to cloud services and apps, and protects against exfiltration of cloud-stored data.
5. Incorporate DNS into a global network security solution to recognize unusual or malicious activity and inform the broader security ecosystem. This allows holistic network security to address growing network risks and protect against the lateral movement of threats.
The 2018 Global DNS Threat Report
The report was conducted by Coleman Parkes from January to April 2018. The results are based on 1,000 respondents in three regions – North America, Europe and Asia Pacific. Respondents included CISOs, CIOs, CTOs, IT Managers, Security Managers and Network Managers. Financial sector organizations comprised a total of 14% of the entire survey base.
EfficientIP is a network automation and security company, specializing in DNS-DHCP-IPAM solutions (DDI), with the goal of helping organizations worldwide drive business efficiency through agile,secure and reliable infrastructure foundations. We enable IP communication and simplify network management with end-to-end visibility and smart automation, while our patented technology secures DNS services to safeguard data and ensure application access. Companies in all sectors rely on our offerings to face the challenges of key IT initiatives such as cloud applications and mobility.
For further information, please visit: http://www.efficientip.com