Cyber Attacks Target UAE Banks: Examining The Rise in Attacks

Cyber Attacks Target UAE – On 24th May at 11 pm, a significant incident unfolded in the United Arab Emirates (UAE) as the first Abu Dhabi bank went offline.

Simultaneously, a group called Mysterious Team Bangladesh claimed responsibility for this unexpected disruption – “Expect us,” they said.

UAE facing cyber attacks is not a new thing.

“UAE Cyber Security Council, along with its associates, deters 50,000 cyber attacks a day,” Mohamed Hamad al Kuwaiti, Cybersecurity Head of the UAE Government stated.

Even though the statement is referring to the successful handling of attacks, it is still worrying what makes the Country such an easy target, and even more concerning is the fact that the “government bodies” are targeted the most.

Details Of The Incident

According to a threat intelligence service, Falcon Feeds, the Mysterious Team Bangladesh, warned about the UAE banking sector hack on their Telegram before the happening of the actual attack.

cyber attacks target UAE - Attack warning by Mysterious Team
Attack warning by Mysterious Team Bangladesh (Source: Falcon Feeds)

Shortly thereafter, the group confirmed the disruption of the Abu Dhabi Commercial Bank and the National Bank of Fujairah websites via Twitter.

cyber attacks target UAE - Mysterious Team Bangladesh claiming attack
Mysterious Team Bangladesh claiming attack (Source: Falcon Feeds)

While the Abu Dhabi Bank was initially accessible during the news publication site, Cyber Express’s initial reporting, the National Bank of Fujairah website was temporarily unavailable but later restored.

When Cyber Express called the Abu Dhabi Commercial Bank and the National Bank of Fujairah for an official statement, they got no response.

So, the claim of the cyber attack on the Bank is still not confirmed or maybe the bank does want to disclose the incident.

Other Banking Attacks

These recent attacks on UAE banks are not isolated incidents.

The region has faced previous cyber threats projected by the infamous group Anonymous Sudan, which targeted various financial institutions including First Abu Dhabi Bank, RAKBANK, and Mashreq Bank.

These attacks primarily involved distributed denial-of-service (DDoS) attacks that disrupted the bank’s online services.

Referring back to the Statement of Mohamed Hamad al Kuwaiti about the successful handling of 50,000 attacks daily, we must ask what makes the country have so many attacks in the first place.

Is UAE that much of an easy target?

According to the Arabian Business news report, approximately 80% of businesses in the UAE have encountered email phishing attacks, showcasing the pervasive nature of cybercriminals targeting the nation.

Studies disclosed that 86% of firms experienced at least one successful attack, resulting in 44% of the organizations incurring direct financial damages.

Since the financial sector is now heavily reliant on digital infrastructure, it is crucial for organizations and authorities to prioritize the protection of sensitive customer data and strengthen their defenses against evolving cyber threats.

For more news and updates on Cybersecurity, visit The Cybersecurity Club.

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