Study shows Russia-Ukraine war increases global cyber security risks

The Russian military invasion of Ukraine has raised many questions surrounding future cyber-attacks, however, a new report from Lombard Odier suggests it has presented an opportunity to strengthen cyber defence infrastructure.

Whilst cyber threats increase risks to organisations worldwide, the current situation has convinced many governments and institutions to push their cyber security capabilities further.

The study underlines the basic lack of data protection elements within organisations, as well as a lack of employee training which has been heavily exploited by criminals throughout the Covid-19 pandemic.

“Russia’s [military offensive in] Ukraine has raised fears of a cyber war with global consequences. Beyond the immediate risks, we believe the war in Ukraine will drive further growth in cyber security, with a range of investment implications,” Stephane Monier – Lombard Odier Private Bank, Chief Investment Officer

Spending on cyber security across the globe is estimated to have increased some 12.4% to £115.35 billion in 2021, however, this number is only 3.3% of the total £3.5 trillion expected spend on IT projects this year.

Ukraine though is not inexperienced when it comes to cyber-attacks, especially since 2014, when Russia annexed Crimea. 

Earlier in the year, Ukrainian websites were hit with DDoS attacks, with hackers leaving messages on many, reading “Be afraid and expect the worst”.  Ukrainian government websites and banks were also hacked in the month before Russia invaded.

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