Ukraine launches a massive cyber attack on Russia, disrupting ATM services, online banking, and financial institutions. Reportedly, a series of cyber attacks affected critical infrastructure in escalating cyberwar.
Starting on 23rd July, Ukraine launched a multi-pronged digital offensive that reportedly disrupted ATM services and online banking across Russia. This dramatic escalation in the ongoing cyberwar specifically targeted financial institutions critical to Russia’s economy, marking a key component of Ukraine’s new cyber strategy.
In December 2023, the Ukrainian Military’s Main Directorate of Intelligence (GUR) reportedly disrupted the Russian tax system with a severe cyber attack. An anonymous source from Ukrainian intelligence, speaking to the Kyiv Post, characterized the attack as “an unprecedented operation” conducted by GUR cyber specialists
The Main Intelligence Directorate of the Ministry of Defense of Ukraine (HUR) has been steadily enhancing its cyberwarfare capabilities, and this attack, launched by “politically motivated hackers” appears to be a culmination of those efforts.
ATMs Frozen, Online Transactions Halted
According to Ukrainian media reports, the cyber attack has triggered widespread disruptions within Russia’s financial system. Customers at major banks, including Dom.RF, VTB Bank, Alfa-Bank, Sberbank, Raiffeisen Bank, RSHB Bank, Rosbank, Gazprombank, Tinkoff Bank, and the online institution iBank, have experienced issues with withdrawing cash from ATMs, with their cards being blocked during transactions.
Furthermore, online banking systems and mobile applications have been frozen, significantly disrupting financial transactions.
The attack’s impact extends beyond traditional banking, causing outages in online personal banking portals, and hindering access to account information and bill payments. Public transportation systems have also been impacted, with reports of disruptions in fare payments.
In addition, major mobile and internet providers like Beeline, MegaFon, Tele2, and Rostelecom have experienced interruptions, potentially affecting millions of users.
The cyber attack extended to popular online messaging platforms and social networks, potentially disrupting communication channels and hindering information flow within Russia. Additionally, the Russian brokerage application T-Investments was reportedly blocked.
In response, as reported by Reuters, Russia increased key interest rates to 18% on July 26, leading to limited access to services, halted transactions, and loss of funds.
The source further revealed that Ukrainian hackers have gained access to the databases of targeted Russian banks. This stolen data could be used for future operations, expose vulnerabilities in Russian financial institutions, and potentially reveal information about financial transactions related to the war effort.
While the disruption to Russia’s financial system represents a significant setback, Russia will likely retaliate with its own cyberattacks. The coming days will be important in determining the long-term consequences of this cyberwarfare operation.
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