The finance sector, together with healthcare, is bearing the brunt of DNS cyberattacks according to a new report. DNS (domain name system) attacks, which aim to disrupt networks, meant businesses in the sector had to fork out $924,390 (£716,684) to restore their services. DNS (domain name system) attacks, which aim to disrupt networks, meant businesses in the sector had to fork out $924,390 (£716,684) to restore their services.
The 2018 Global DNS Threat Report from EfficiencyIP, which protects companies such as Netflix and the London Stock Exchange, shows a 57 per cent year-on-year increase in the cost of DNS attacks. The main losses come from the downtime to in-house applications, cloud services or a company’s website after a network has been compromised.
The study surveyed 1,000 businessmen and women across North America, Europe and Asia Pacific.
It found that financial organisations spent an average of seven hours recovering their networks following a cyber-attack and, in the worst cases, spent 41 days resolving the impacts of DNS attacks last year.
On average, financial services firms suffered an average of seven attacks over the past 12 months, with nearly one in five being attacked ten or more times.
Despite the high number of cyber-attacks on the sector, the report reveals 72 per cent of finance companies took three days or longer to install a security patch on their systems, leaving them open to attacks.
The full report can be downloaded here.
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