Ukraine’s leading mobile-only bank, Monobank encountered a relentless wave of denial of service (DDoS) attacks on January 21, severely disrupting its operations and causing widespread chaos. Co-founder and CEO Oleh Horokhovskyi confirmed the Monobank cyberattack, revealing that the bank had endured a staggering 580 million service requests during one of the attacks.
DDoS attacks, a tactic cybercriminals employ to overload servers by flooding websites with excessive traffic, have become increasingly prevalent in disrupting services. Expressing concern over the severity of the attacks, Horokhovskyi remarked, “I think today Monobank is one of the most attacked IT targets in the country.”
This cyber onslaught follows a similar incident on January 20 when Monobank experienced a DDoS attack involving 50 million service requests. Despite assuring the public that the situation was under control and that Monobank was “still standing,” Horokhovskyi disclosed that another wave of attacks had commenced as he announced the Monobank cyberattack.
While the Monobank CEO did not attribute the attacks to any specific entity, he acknowledged that past threats had been linked to Russian hackers. This incident echoes a cyberattack in December 2023, coinciding with a massive assault on Ukrainian phone operator Kyivstar, where the Russian hacker group Solntsepek claimed responsibility.
The ongoing conflict between Russia and Ukraine has seen an increased role in cyber warfare. Recent cyberattacks, including those by the NoName ransomware group, targeted key Ukrainian organizations. Microsoft’s report indicates Russia’s multi-pronged hybrid technology strategy to destabilize Ukraine, encompassing destructive methodologies, missile use, and cyberattacks on critical infrastructure.
