Distributed Denial of Service (DDoS) is, at its very core, an attempt to halt a financial institution from doing business. Attackers will target the institution’s website in an attempt to slow or halt traffic to and from the website. By so doing, attackers hope to inflict reputational and financial harm on the bank. This was initially popular in 2013 and 2014. More recent variants of DDoS attacks may now include some element of ransomware whereby the institution’s website not only is rendered useless but attacks may demand payment either to halt the attack or to threaten release of sensitive information if payment is not received.
An industry report found that ransomware increased 24% during the first quarter of 2016. Ransomware will continue to be a threat faced by community banks and other industries. The resources below are meant as general information to community banks about ransomware and DDoS.
The resources include a tabletop exercise for community banks to discuss the business impacts and response to ransomware, regulatory guidance on the matter and mitigation techniques from regulators and public-private partnerships.
Mitigation Tactics and Reporting
1 McAfee Labs Threats Report, p. 46, June 2016