Financial sector suffers costliest cyberattacks

During the Covid-19 pandemic, the financial sector has suffered the highest costs per domain name system (DNS) attack, compared to other industries. This was revealed in the 2021 Global DNS Threat Report, a study recently published by EfficientIP, a DNS security solutions provider, together with market intelligence firm International Data Corporation.

Damage in the financial services industry cost nearly $1.1 million per attack - whereas the average cost across all sectors is $950,000. While the average cost in the sector slightly declined compared to last year's, organizations in the finance sector continue to be an attractive target for DNS attacks due to the high volume of sensitive customer and financial data. Across all verticals, the data indicates that the Asia Pacific region experienced the highest increase in cost per attack, up 15 percent from last year.