Monobank, Ukraine’s largest mobile-only bank, faced a barrage of denial of service (DDoS) attacks on January 21, crippling its operations and causing widespread disruption. Co-founder and CEO Oleh Horokhovskyi took to Telegram to confirm the Monobank cyberattack, revealing that the bank was targeted with a staggering 580 million service requests in one of the attacks.

DDoS attacks, which involve overwhelming a website with excessive traffic to overload its servers, have become a favored tactic among cybercriminals seeking to disrupt services.

Horokhovskyi expressed concern over the severity of the attacks, stating, “I think today Monobank is one of the most attacked IT targets in the country.”

Monobank Cyberattack: Menace of DDoS Attacks

This cyberattack on Monobank follows a similar incident on January 20 when the bank experienced a DDoS attack involving 50 million service requests. While Horokhovskyi assured the public that the situation was under control and that Monobank was “still standing,” he revealed that another wave of attacks had commenced as he was announcing the Monobank cyberattack.

The Monobank CEO did not attribute the attacks to any specific entity but noted that past threats had been linked to Russian hackers. This incident is reminiscent of a previous cyberattack in December 2023, when Monobank was targeted on the same day as a massive cyber assault on Ukrainian phone operator Kyivstar.

The Russian hacker group Solntsepek claimed responsibility for the Kyivstar cyberattacks, raising suspicions about potential Russian involvement in the recent Monobank DDoS attack.

Hybrid Warfare Unleashed: Russia’s Multi-Pronged Strategy

The ongoing conflict between Russia and Ukraine has witnessed a shift in tactics, with cyber warfare playing an increasingly prominent role. Recent cyberattacks, including those by the NoName ransomware group, have targeted key Ukrainian organizations, such as the National Securities and Stock Market Commission, Accordbank, Unex Bank, Energy Community, and VELTA.

Additionally, Microsoft’s recent report suggests that Russia is implementing a multi-pronged hybrid technology strategy to destabilize Ukraine. This involves destructive methodologies, the use of missiles, and cyberattacks on critical infrastructure. Russian hackers have continuously adapted their strategies, focusing on disrupting Ukraine’s energy, water, and other vital sectors.

The situation has raised concerns about Russia’s intentions, with fears that the country may be planning to use cyberwarfare as a tool to destabilize Ukraine further. The cyberattack on Monobank highlights the vulnerability of Ukraine’s financial institutions to such cyber threats.

As tensions escalate, experts predict that Russia is preparing for its next wave of cyberattacks, aiming to exploit and form destabilizing alliances critical to Ukraine’s resilience. The true extent and nature of these attacks remain uncertain, but the recent onslaught on Monobank foreshadows a potential winter of aggression against Ukraine and its partners.

The cyber warfare in Europe has reached a critical juncture, with Russia’s targeted attacks on Ukraine’s government and critical infrastructure causing significant damage.

As the conflict takes on new dimensions, the international community closely watches the evolving situation and its potential ramifications.

Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.