The news ‘UAE banks cyber attack by Anonymous Sudan‘ has put financial services in the GCC region on high alert.
In a startling development, the notorious Anonymous Sudan has attacked UAE banks. Specifically, First Abu Dhabi Bank, RAKBANK, and Mashreq Bank have fallen victim to the group’s onslaught on a probable spree of DDoS.
The cyber attack targeted the online banking portals of these three major financial institutions, causing a temporary disruption in their services.
The Cyber Express found that the banking portals of Abu Dhabi Bank and Mashreq Bank were indeed inaccessible for a few hours on May 11. However, both banks restored their websites to full functionality at the time of publishing this report.
UAE banks cyber attack by Anonymous Sudan: More to come!
In light of these alarming developments, The Cyber Express sought clarification from the affected banks regarding the claim UAE banks cyber attack by Anonymous Sudan. Regrettably, neither Abu Dhabi Bank, RAKBANK, nor Mashreq Bank has responded to the inquiry.
The group stated in a Telegram post that the two would now cooperate in cyber attacks. “It will be a strong cooperation, and with this cooperation, we will hit many targets easily,” read the post.
If there is any truth to the claim that Anonymous Sudan has attacked UAE banks, specifically First Abu Dhabi Bank, RAKBANK, and Mashreq Bank, then it would put the banking details of UAE citizens and employees’ details at risk.
A confirmation of UAE banks cyber attack by Anonymous Sudan must put all financial institutions in the GCC on high alert, especially because of the fact that the pro-Russian threat actor recently joined hands with the Turk Hack Team.
The First Abu Dhabi Bank has been reported to have 13,684 employees, with a revenue $8.3 billion, assets worth $272.3 billion, and profits worth $3.3B as of 2022, reported by Forbes.
Similarly, RAKBANK has 3,417 employees, Mashreq Bank has 5,000, and revenues, assets, and profits are worth billions of dollars for both banks.
UAE banks cyber attack by Anonymous Sudan: What’s next?
While the UAE banks cyber attack by Anonymous Sudan may have been temporarily thwarted, it serves as a reminder that the battle for cybersecurity is ongoing and relentless.
Apart from geo-political threats like Anonymous Sudan, phishing and ransomware attacks are the top two cyber threats faced by financial services.
In the first half of 2021, phishing attacks increased by 22% in the financial sector, and attacks targeting financial apps increased by 38% for the same comparative period. Meanwhile, ransomware attacks against the financial sector increased by ninefold between February and April 2020.
These attacks are getting harder to recognize and are becoming more sophisticated, with phishing tactics now aligned with breaking news stories to target modern societal anxieties.
Financial institutions are attractive targets for ransomware gangs because of the valuable customer information they possess.
The damage from a ransomware attack can be reversed if a ransom is paid, but regulators strongly advise against paying as remediation costs double when a ransom is paid.
Financial institutions must remain vigilant and stay one step ahead of cybercriminals, continuously devising new methods to exploit vulnerabilities.
In conclusion, the recent cyber attacks on First Abu Dhabi Bank, RAKBANK, and Mashreq Bank by the notorious hacking group Anonymous Sudan have unveiled critical shortcomings in the cybersecurity defenses of these institutions.
The incident emphasizes the need for robust protective measures and increased collaboration within the banking industry to safeguard customer data and prevent future breaches. Only through concerted efforts can we effectively combat the ever-looming threat of cyber attacks and ensure the integrity of our financial systems.
