Distributed denial of service (DDoS) attacks are on the rise and the frequency of DDoS attacks across all industries is once a month.
Forrester attributes this rise partially to the gap in DDoS mitigation controls in its new research.
These attacks are very sudden and till date have caused damage to big names including Bank of America, MasterCard, PayPal, Sony, Visa, and many more of the world's largest companies.
An increase in the DDoS attacks has, however, done little to encourage enterprises to protect themselves as they are not equipped to fight these threats.
Forrester studied CyberFactors' database of publicly reported DDoS attacks and its analyses indicates that the financial service industry suffers an attack as frequently as once a week.
Cyber criminals targeted financial services firms 26 times in 2012 causing seven hours of outage time on average per incident.
Million dollar loss
The gap in DDoS mitigation controls has led to an estimated financial loss of US$2.1 million dollars for every four hours down and US$27 million for a 24-hour outage.
This loss should drive enterprises to take relevant steps as Forrester's 2012 Security Survey of over 2,300 IT executives across North America and Europe shows that only 22 percent of organisations have implemented protection services.
Sixty percent of those surveyed said they had no plans to buy DDoS protection services.
Forrester advises enterprises to implement a local short-term solution and use a third-party service to provide long-term protection in order to fully defend against these attackers.
The IT department should create and test a policy that includes details of DDoS response procedures before an organisation suffers an attack.
DDoS mitigation should also be considered a part of a company's incident response (IR) strategy so that an IR team can analyse these attacks in the context of other threats.
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