What Is a DDoS Attack and Why Should Credit Unions Be Concerned?

  • Share:
technology

What Is a DDoS Attack and Why Should Credit Unions Be Concerned?

Distributed denial-of-service (DDoS) attacks are sophisticated cyber-attacks where criminals attempt to disrupt a machine or network’s online services by overwhelming it with high-volume traffic. There are several types of DDoS attacks, including:

What this means for credit unions

For credit unions, DDoS attacks are dangerous distractions that hide fraud, aid in the installment of malware and viruses, or open a breach to steal financial assets and member data. In some cases, criminals may seek to cripple a financial institution’s online properties for ransom. For the duration of the attack, online banking portals may be shut down, damaging member trust and the credit union’s reputation.

The future of DDoS attacks

DDoS attacks on financial institutions have been on the rise for the last several years. The volume of such attacks leveled off in late 2017 but also became increasingly effective at breaching existing defenses. According to Neustar Security, a cybersecurity firm, there was an uptick in successful breaches last year as cyber criminals began targeting vulnerable organizations with multiple assaults.

In addition, as attacks grow in complexity, it is taking longer on average to detect DDoS attacks, with 46 percent of all assaults remaining undetected for roughly three hours after the attack begins. A longer detection time also means a slower response time, and 43 percent of companies say they are not able to respond until at least three hours after an attack has occurred.

To avoid becoming a part of these statistics, credit unions should implement DDoS-specific protocols for cyber-attack prevention, detection and resolution. And because these attacks will continue to evolve, a credit union’s protocols should be evaluated and updated on a regular basis to retain their effectiveness and relevance.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. Opportunities and Risks of Banking for Marijuana-Related Businesses
  4. 3 Key Factors for Creating Good Content
  5. A Content Management System Will Make Your Life Easier
  6. Preparing a Transparency Communication Plan
  7. You Know You Need an LMS — Now What?
  8. Why You Need ERM in Your Strategic Planning
  9. Enterprise Risk Management — Where to Start
  10. The Quickest Way to Understand Enterprise Risk Management (ERM)
  11. Just How Distracted Are Consumers?
  12. Omnichannel Delivery: Banking Based On Members
  13. Credit Unions Could Replace Predatory Lenders
  14. The Easiest Way to Deliver Content for Employee Development
  15. Are You Properly Rewarding Your CEO?
  16. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  17. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  18. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  19. Three ways to up your social media game
  20. Keep content relevant, short, iterative and engaging
  21. The Quickest Way to Find the Right (and Safest) CMS
  22. What Borrowers Wished Credit Unions Knew
  23. The Process of Crafting a Relatable, Moving Brand Story
  24. Americans Trust Their Financial Institutions for Tax Advice
  25. Predict the Future of Mortgage Lending with Analytics
  26. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  27. Consumer Attitudes Toward Digital Advertising
  28. Achieving the Golden “Narrative Transport” in Brand Storytelling
  29. Remaining a Player in the New Home-Buying Experience
  30. Identify how chatbots will help you
  31. The Quest for a One-Stop Shop Financial App
  32. The Secret to Future-Proofing Your Organization
  33. Are You Ready to Adopt a Continuous Performance Management System?
  34. Leverage the Resources of Trusted Experts for Tax Season 2019
  35. You Might Already Have the Solution to Your Current Talent Competency Gap
  36. Conversational Commerce and the Rise of the Chatbot
  37. Do you need a new compensation strategy for multigenerational staff?
  38. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  39. 2 Big FinTech Goals for Credit Unions
  40. Preparing for Compensation Transparency
  41. 5 Things Credit Unions Can Learn from Cyber Attacks
  42. How Useful Are Member Personas for Credit Union Marketing Teams?
  43. Learning Management Systems: What Credit Unions Should Consider
  44. Become a Tax Resource for Members
  45. Do You Know Why Payday Loans Are Used so Much?
  46. 6 Factors for Choosing the Right ESS System
  47. Common Mistakes in Compliance
  48. What's Hot in Performance Management Technology
  49. Experience Company Growth and Discovery with Employee-Driven Communication
  50. Should You Still Be Concerned about ADA Website Compliance?
  51. Popular DDoS Mitigation Methods in 2019
  52. Prepare for integration
  53. Volunteer and Young Board Members Need Development
  54. What others are doing
  55. The Best Compliance Training with New Topics You Will Need
  56. Credit Union Compensation: Philosophy or Strategy?
  57. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  58. The Member Service Experience
  59. The Role of HR and Hiring Managers in the Candidate Experience
  60. The Planning Process - Improved
  61. Why HR Should Take Advantage of Employee Self Service
  62. 3 Succession Plans Your Credit Union Needs
  63. Don't Get Snagged on ADA Compliance Requirements
  64. Building a Website with the User in Mind
  65. Continuous Performance Management is Disrupting HR
  66. 7 Tax Changes Your Members Need to Know About
  67. Content Marketing: Well Worth the Effort
  68. Empowering Employees and HR with the Latest Technology
  69. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  70. People Analytics: Bringing HR and Data Together
  71. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  72. Your Social Media Accounts Deserve Quality Content
  73. Anticipating Change with a Succession Plan
  74. Consumer Appetites in Mobile Innovation
  75. The Performance Management Conundrum: Structure vs. Creativity
  76. The Website Audit Your Credit Union Needs
  77. Shifts and Trends to Know About in E-Learning
  78. Prioritizing the Credit Union Employee Experience
  79. Are You Missing Out on the Power of Video?
  80. 3 Website Design Trends for 2019
  81. 5 Guideposts to Measure Your Brand Promise Against
  82. How to Identify What You Want in an ESS
  83. Optimizing Websites for Voice: What You Need to Know
  84. Content, Tools, and Channels to Capture Consumer Attention
  85. The Importance of Creating Quality Content
  86. Why You Should Invest in an Applicant Tracking System
  87. What Credit Unions Should Do with Ambiguous ADA Standards
  88. Serving the Underbanked and Millennials
  89. Is Your Executive Compensation Still Appealing?
  90. Making Sure You Have the Right Leaders in the Right Seats
  91. 4 Steps to Increased Social Media ROI
  92. Build Up Membership Through Supportive Savings Programs
  93. A Simple Way to Unify Your Marketing Efforts
  94. Selling Payments and Wealth Management Services
  95. The Credit Union Advantage for the Digital Customer
  96. Protect Your Credit Union with a Website Accessibility Response Plan
  97. Wanted: Apps for Clarification and Simplification
  98. Are Your Landing Pages up to Snuff?
  99. The Dream Team for Successful Online Customer Interactions
  100. Don't Undervalue Your Brand Promise
  101. Is Your CMS the Right Fit?
  102. Credit Unions Can Compete with Shadow Banks
  103. Don't Underestimate the Power of Financial Education
  104. Caution: Customers Don't Always Ask for What They Want
  105. 3 Brand Promises Credit Unions Can Learn From
  106. What the C-Suite Wants out of Social Media
  107. How Credit Unions Can Embrace Storytelling in Marketing
  108. Keeping Up with Digital Lending Convenience
  109. How Credit Unions Can Formalize the Branding Process
  110. How to Generate Content with Fewer Resources
  111. Underestimate the Onboarding Process at Your Peril
  112. Leveraging Social Media for Member Engagement
  113. Finding the Best Platform for HR Technology
  114. 3 Factors Impacting Credit Union Compensation Plans
  115. If Your Site Isn't Mobile Optimized, You're Losing Out

Related Trends

  1. Conversational Commerce and the Rise of the Chatbot
  2. Identify how chatbots will help you
  3. Prepare for integration
  4. Remaining a Player in the New Home-Buying Experience
  5. Predict the Future of Mortgage Lending with Analytics
  6. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  7. Omnichannel Delivery: Banking Based On Members
  8. The Quickest Way to Find the Right (and Safest) CMS
  9. A Content Management System Will Make Your Life Easier
  10. Credit Unions Could Replace Predatory Lenders
  11. 5 Things Credit Unions Can Learn from Cyber Attacks
  12. Do You Know Why Payday Loans Are Used so Much?
  13. What Borrowers Wished Credit Unions Knew
  14. Serving the Underbanked and Millennials
  15. Should You Still Be Concerned about ADA Website Compliance?
  16. Don't Get Snagged on ADA Compliance Requirements
  17. Consumer Appetites in Mobile Innovation
  18. The Quest for a One-Stop Shop Financial App
  19. Wanted: Apps for Clarification and Simplification
  20. What Credit Unions Should Do with Ambiguous ADA Standards
  21. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  22. Building a Website with the User in Mind
  23. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  24. 3 Website Design Trends for 2019
  25. The Credit Union Advantage for the Digital Customer
  26. Optimizing Websites for Voice: What You Need to Know
  27. Is Your CMS the Right Fit?
  28. 2 Big FinTech Goals for Credit Unions
  29. Caution: Customers Don't Always Ask for What They Want
  30. The Website Audit Your Credit Union Needs
  31. Keeping Up with Digital Lending Convenience
  32. Protect Your Credit Union with a Website Accessibility Response Plan
  33. Credit Unions Can Compete with Shadow Banks
  34. Popular DDoS Mitigation Methods in 2019

Industry insights
to your inbox!

Subscribe