Several Wall Street banks are complaining of DDoS attacks from so-called "hacktivists" since Russia's invasion of Ukraine, The Wall Street Journal reported.
Banks and financial institutions reported an increase in targeted disruptions on their websites and online portals as cybercriminals employ more "aggressive tactics" to disrupt services.
While many of the attacks were short-lived, the amount and scale of its reach have surged by 200% since 2022, according to the Financial Services Information Sharing and Analysis Center.
WSJ reported that several fintech firms reported repeated DDoS across multiple websites and digital platforms at the same time.
The report came in as US pharmacies and health services also reported suffering increased ransomware attacks since last year.
Cyberattacks Reportedly Increase During AI Boom
Several studies have already confirmed an increase in cyberattacks and data breaches over the past 12 months in time with the innovations in AI technology.
Microsoft, in collaboration with OpenAI, recently published a report suggesting "state-affiliated threat actors" have started using chatbots on their operations.
The integration of AI tools in cybercrimes is seen as a big threat to digital safety as hackers will be able to automate coding processes to breach data firewalls or generate believe images and messages to impersonate someone.
The potential danger posed by the technology in scams and phishing schemes was also highlighted as AI models became more accessible to the public.
Related Article : Cambridge University, UK Schools Suffer Targeted DDoS Attack
AI Experts, Watchdogs Call for Team Up with AI Firms
In the same sense of urgency, AI experts and watchdogs are urging AI companies to allow them to safety test their technology for potential risks and vulnerabilities.
The rampant abuse in AI technology is partly due to the development and testing processes being kept within the company, making it harder for cybersecurity agencies to respond to the growing threat of AI cyberattacks.
Just recently, the US government has started making AI companies compel with its new directives to disclose information about its latest AI projects and "non-US state entities" accessing their cloud drives for AI use.
