Information Security Framework Targeting DDOS attacks in Financial Institutes

Abstract

As financial institutions accept more digital platforms, Distributed Denial of Service (DDoS) attacks have become an expanding problem, particularly in the financial sector. It is known that DDoS attacks are known as cyberattacking that pushes data over a network or website from a number of different hosts. This results the unavailability of service for users and website becomes down. These attacks can generate a huge loss to the companies in terms of losing customers, income, and reputation. Financial companies are bounded to utilize a system for information security to prevent DDoS attacks. The "DDoS Attack Mitigation Framework" was initiated by the National Institute of Standards and Technology(NIST). This architecture provides list of concerns for detecting, locating, and halting DDoS attacks. Cloud Control Matrix (CCM) is another framework that presents a number of security controls for cloud computing environments.These controls consist security against DDoS attacks, such as the utilization of content delivery networks (CDNs), intrusion detection and prevention systems, and advanced firewall technologies. Federal Financial Institutions Examination Council (FFIEC) created the FFIEC Cybersecurity Assessment Tool (CAT) to assist financial institutions inidentifying their cybersecurity risks and determining their level of cybersecurity preparedness. Following the risk assessment, policies and procedures should be developed to mitigate these threats. The information security framework must include a robust network infrastructure. The infrastructure of a network must be designed to

handlehigh traffic volumes without becoming overburdened. This can be achieved by employing load balancers, firewalls, and intrusion detection systems. Training employees is essential for defending against DDoS attacks. Employees must be educated on the financial institution's policies and procedures, how to identify phishing attempts, and other social engineering techniques used by cybercriminals to gain network access.The continuous monitoring and testing is required in the financial institution’s system, which canbe achieved by deploying monitoring tools that identify unusual traffic patterns or systemanomalies. Plans for business continuity and calamity recovery should be incorporated into the information security framework. These plans should ensure that essential business operations can continue even in the event of a DDoS attack. This includes having backups of critical data, redundant systems, and a plan to restore the financial institution's systems to normal operation rapidly.

Financial institutions must implement an information security framework consisting of risk assessments, policies and procedures, a robust network infrastructure, employee training, incident response procedures, continuous monitoring and testing, and disaster recovery and business continuity plans in order to prevent DDoS attacks. By implementing a DDoS-focused information security framework, financial institutions can safeguard their systems, consumers, and reputation.