Attention Banks: Customer Confidence is in Your Hands!

Not long ago, the FFIEC released a statement aiming to give the heads up about the ever-so-popular use of Distributed Denial of Service attacks against financial institutions. The fact that for the first time a financial governing body is addressing cyber security in such a manner, is an indication of the growing risks and concerns over the rising number and frequency of cyberattacks.

The one particularly popular and devastating type of attack – Distributed Denial of Service or DDoS – was extensively explained in the NCCIC’s DDoS Quick Guide and is the reason behind the release of the FFIEC statement. With the financial sector increasingly dependent on technology, a somewhat moderate DDoS attack can lead to dire consequences. In the banking sector, it all comes down to preserving customer confidence in the institution and the sense of safety customers perceive when they are to entrust somebody with their money. Service outages during a DDoS attack, caused by the lack of preparedness, can lead to an immense decline in the confidence in a particular bank. Follows the downward spiral of revenue losses, declining liquidity and low capital adequacy.

Intentionally harming an institution’s reputation that result in material losses, is not the only damage a DDoS attack can do. Often the aim is to directly access and steal assets. How? A DDoS attack does not steal anything, you might say. It is accomplished by deploying the DDoS as a “smoke screen”, hiding ensuing intrusion attempts in an institution’s network. By flooding a server or the channel to it, the hacker not only severs public but also administrator access. When the attacker has grabbed an authentic customer’s credentials, they can easily transfer money out of the bank. All of this is done while the whole IT department is busy fighting the DDoS attack and discovers the assailant’s true purpose only when it’s too late to counteract effectively.

Vistnet is a battle-tested veteran in DDoS mitigation, thus is experienced, knowledgeable and skilled in fending off attackers and protecting an institution’s infrastructure, even under the most severe and complex attack vectors. Unlike other vendors, when things get strained, we do not null route a customer, so we can protect others on the network. Readily available burst capacity is at your disposal at all times with the sole purpose to do just the opposite: no null routing occurs – we just take the load off when you are bombarded with tremendous amounts of traffic. Our customers do not have to upgrade their plan with us due to the size of the attack. Nice isn’t it? You can rest assured that all of your services will remain available to your customers, no matter the type or size of the DDoS attack.

As people start to appreciate the real dangers DDoS poses to businesses and even more to financial institutions, as customers they may want you to show them a good reason to place their confidence in you. Do not take matters lightly. Professional teams with real expertise and technology is what’s needed to provide protection and mitigate attacks. We provide you with critically needed protection so you can live through even the most severe of DDoS attacks, without you even realizing one has occurred.

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