Akamai Report: Financial Services Cyberattacks Surge

Akamai Technologies's 'AI-Empowered Botnets and API Visibility Gaps: Attack Trends in Financial Services State of the Internet (SOTI) Security report' reveals that the financial services sector is now the primary target for web and API distributed denial-of-service (DDoS) attacks. The median duration of these attacks has increased by 738% since 2024, driven by AI-powered botnets and pro-Iran hacktivists. Key findings indicate that 96% of financial service leaders reported an API security incident in the past year, and nearly 80% of financial institutions faced ransomware attacks. Steve Winterfeld of Akamai Technologies emphasized the escalation of DDoS attacks and the increased targeting of APIs, urging financial services organizations to leverage security strategies.