Monobank, Ukraine’s largest mobile-only bank, faced a significant disruption as it fell victim to a barrage of denial of service (DDoS) attacks on January 21, with a staggering 580 million service requests overwhelming its operations. CEO Oleh Horokhovskyi confirmed the cyberattack on Telegram, expressing concern over the severity of the assault, making Monobank one of the most targeted IT entities in Ukraine. The incident followed a DDoS attack on January 20, revealing an escalating trend of cyber warfare in Europe.
Horokhovskyi assured the public that the situation was under control despite the onslaught but disclosed that another wave of attacks had commenced during the announcement of the cyberattack. While the CEO did not attribute the attacks to a specific entity, past threats had been linked to Russian hackers. This incident mirrors a previous cyberattack in December 2023, where Monobank was targeted on the same day as a massive assault on Ukrainian phone operator Kyivstar, claimed by the Russian hacker group Solntsepek.
The ongoing conflict between Russia and Ukraine has seen a shift in tactics, with cyber warfare playing a prominent role. Recent cyberattacks, including ransomware incidents, have targeted key Ukrainian organizations, raising concerns about Russia’s intentions to use cyberwarfare as a destabilizing tool. Experts predict that Russia may be preparing for another wave of cyberattacks, focusing on disrupting vital sectors like energy and water. The international community closely monitors the evolving situation and its potential consequences as Europe navigates a critical juncture in cyber warfare.
