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Countering Cyber Threats in a Time of Conflict

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22 March 2022

As the conflict in Ukraine enters another punishing week, companies and societies across the world face a heightened threat of cyberattacks. Russian state-sponsored actors have so far made no apparent attacks on institutions outside Ukraine but have, in the past, demonstrated the capability and willingness to target public and private infrastructure in neighboring states and beyond. And countless cyber criminals and other opportunists will seek to exploit the situation to launch malicious attacks for their own monetary gain.

The risk of cyberattack is likely to grow as Western sanctions — which President Vladimir Putin has described as “akin to a declaration of war” — hit the Russian economy hard. The potential for harm is substantial. The NotPetya malware that Russia unleashed in Ukraine in 2017 spread to major companies around the world, causing an estimated $10 billion in damage. Corporations that have elected to cut or suspend operations in Russia in response to the invasion need to think hard about whether their cyber risk has increased.

Governments and companies need to be vigilant in tightening their cybersecurity protocols and heightening defenses to counter these threats. Fortunately, organizations aren’t starting from scratch. They have invested heavily in cyber in recent years and, in adjusting to remote working during the pandemic, have overhauled security controls. Those efforts have been reinforced by closer regulatory scrutiny in the wake of recent attacks and new requirements from insurers seeking to deter ransomware attacks. Now, firms need to build on that progress and embed secure technology and procedures more widely.

This content is provided by Oliver Wyman and the full blog can be viewed through this link.