The days of banks simply taking deposits and making loans against those deposits are over. In their present form, banks have become global financial supermarkets selling and servicing every imaginable financial need. It wasn’t until the 2008 financial crisis that we realized just how complex and co-dependent these institutions had become.
A great example is AIG, from Time Magazine, 9/16/08:
The best case for the bailout seems to be that nobody has the faintest idea what the consequences of AIG’s failure for financial markets would be, but the fear was that it could lead to total chaos. The biggest fears had to do with the credit-default swaps, which AIG appears to have sold in large quantities to practically every financial institution of significance on the planet. RBC Capital Markets analyst Hank Calenti estimated Tuesday that AIG’s failure would cost its swap counterparties $180 billion.
In just over a decade, DDoS attacks have evolved tremendously. Back in the mid-90s, DDoS was mainly used to focus traffic towards a single site, debilitating it. Over time, DDoS attacks have matured into the tools of choice for Hacktivists. Today, DDoS attacks are far more complex than there were in the 1990s and they continue plague major online properties all over the world, most recently government sites and major financial institutions. The timeline below (and this video) lays out the past decade+ of DDoS attacks – and how they have evolved from simple attacks that were considered a nuisance to highly complex problem that has become a menace for network operators around the world.
DDoS attack size continues to rise with average attacks hitting the 1.67 Gbps range, a rise of 72% year-over-year. This data comes from ATLAS, is an innovative partnership with our customers who share traffic data with us on an anonymous basis. It’s through ATLAS that we’re able to deliver unparalleled visibility into the backbone networks that form the Internet’s core. This data gives Arbor a globally scoped view of the Internet threat landscape.