Financial institutions in Africa are increasingly becoming prime targets for Distributed Denial of Service (DDoS) attacks, according to NETSCOUT’s 1H2024 DDoS Threat Intelligence Report. The report identifies Kenya, Nigeria, and South Africa as the most vulnerable nations within the continent’s financial sector.
The growing frequency and sophistication of these attacks are alarming, with cybercriminals targeting the financial services industry to disrupt essential operations and extort ransoms.
The report reveals that institutions such as banks, insurance firms, investment companies, and lenders are being hit hardest, driven by the critical importance of their services and sensitive data.
Bryan Hamman, Regional Director for Africa at NETSCOUT, emphasized that the financial sector’s value makes it a persistent target for cybercriminals. He notes that disruptions in industries like banking have widespread implications. “Hacktivists, driven by political motivations, are escalating their DDoS efforts,” Hamman says.
Notably, the group NoName057(16) has claimed responsibility for 222 attacks targeting global financial institutions in the first half of 2024. This demonstrates the increasing intersection of geopolitical conflict and cybercrime.
In the broader EMEA region, the insurance sector is also under severe threat, with South Africa experiencing the bulk of these attacks. The largest attack recorded reached 183.84 Gbps, causing massive disruptions, with an average attack duration of 15 minutes.
Kenya, Nigeria, and South Africa are facing particularly intense DDoS activity. South Africa’s insurance agencies and brokerages have been the hardest hit, facing over 10,700 attacks in the six-month period.
Meanwhile, in Kenya, portfolio management and investment firms, alongside certified public accountants, have become frequent targets. In Nigeria, DDoS attacks have been prevalent against local title abstract and settlement offices.
The report also highlights the evolving nature of cybercriminal techniques, with attackers increasingly targeting key infrastructure, such as Domain Name System (DNS) servers, that are crucial for maintaining digital services.
Hamman underscores the importance of adopting adaptive cybersecurity measures to tackle the growing DDoS threats. He stresses that as African economies continue their digital transformation, financial institutions must implement proactive measures such as real-time traffic monitoring, automated responses, and comprehensive incident response plans to safeguard their operations.