Another threat actor has unleashed cyber attack on the UAE banking sector, hot on the heels of the DDoS attacks on First Abu Dhabi Bank and UAE Pass by Anonymous Sudan. 

Hacker group Mysterious Team Bangladesh has claimed responsibility for taking down the websites of the Abu Dhabi Commercial Bank and the National Bank of Fujairah.

Threat intelligence service Falcon Feeds reported that the Abu Dhabi Commercial Bank website was down at around 11pm UAE time on 24 May. The Mysterious Team Bangladesh Twitter handle, around the same time, claimed that the National Bank of Fujairah website is down.

Cyber attack on the UAE banking sector: Latest hits

Falcon Feeds shared a Mysterious Team Bangladesh Telegram post on 24 May, warning of an impending cyber attack on the UAE banking sector.

Shortly, Mysterious Team Bangladesh tweeted, claiming that the websites of the Abu Dhabi Commercial Bank and the National Bank of Fujairah are down.

The Cyber Express found the Abu Dhabi Commercial Bank active during our initial reporting. The National Bank of Fujairah website, which was initially inaccessible, was live at the time of publishing this report.

In an attempt to gather more information and verify the integrity of this attack, The Cyber Express reached out to the Abu Dhabi Commercial Bank and the National Bank of Fujairah for an official response or statement.

However, as of the time of writing, no official confirmation or denial has been received from both the banks. leaving the First Abu Dhabi Bank cyber attack claim unconfirmed. 

Cyber attack on UAE banking sector: The list goes on

This is not the first time that UAE banks have been subjected to cyber threats.

In a prior incident, the notorious group known as Anonymous Sudan had launched attacks on various UAE banks, including First Abu Dhabi Bank, RAKBANK, and Mashreq Bank. These financial institutions allegedly fell victim to the group’s onslaught, primarily through DDoS attacks.

The recurrence of such cyber attacks on UAE banks raises concerns about the cybersecurity landscape in the region. As the financial sector increasingly relies on digital infrastructure to provide seamless services to customers, it becomes imperative to strengthen defenses against these evolving threats.

The First Abu Dhabi Bank cyber attack and subsequent attacks serve as a reminder that no organization is immune to such risks.

Furthermore, the UAE has become a hotbed for hackers as the country reportedly faces 50,000 cyber attacks daily.

The UAE Cyber Security Council, in collaboration with its partners, successfully thwarts a staggering number of “50,000 cyberattacks per day”, specifically aimed at critical national sectors, according to Mohammed Hamad Al Kuwaiti, the Government of the UAE’s Cyber Security Head, reported Gulf News.

Is the UAE banking sector a low-hanging fruit?

On an average of striking, 80% of businesses in the UAE have fallen victim to email phishing attacks, revealing the pervasive nature of cyber criminals targeting the nation, reports the Arabian Business magazine. 

The United Arab Emirates (UAE) has witnessed a significant surge in cybercrime, particularly through email-based phishing attacks. Startlingly, a recent study disclosed that a staggering 86 percent of companies fell victim to at least one successful attack, resulting in direct financial losses for 44 percent of them.

Consequently, employees are now switching or leaving jobs more frequently than ever. This prevailing market trend has created a challenging scenario for organizations, as safeguarding sensitive data has become arduous. Shockingly, more than 72 percent of organizations have suffered data loss due to internal actions by insiders.

The ninth annual State of the Phis report by Proofpoint Inc. highlights the tactics attackers employ to compromise organizations. While cybercriminals continue to rely on well-known methods like brand impersonation, business email compromise, and ransomware.

However, they have expanded their repertoire by employing lesser-known attack techniques to infiltrate global organizations.

Notably, the report emphasizes that during 12 months, there were over 18 million reports of suspicious emails by end-users and 135 million simulated phishing attacks. These figures underscore the magnitude of the cyber threat landscape and the urgent need for robust security measures.

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.