Denial-of-service attacks rise, raising concerns for banks

The volume of DDoS attacks targeting financial firms increased 22% year-over-year as of November, according to a new report. — Image by rawpixel.com on Freepik

Long considered a nuisance, distributed-denial-of-service attacks, or DDoS, are growing problem for banks and other financial businesses, according to a new report.

The volume of DDoS attacks targeting financial firms increased 22% year-over-year as of November, according to a new report first provided to Bloomberg News by the Financial Services Information Sharing and Analysis Center, which is known as FS-ISAC. The issue is particular pronounced in Europe, where financial services saw a 73% increase in DDoS attacks, according to the report.