As the tragic events in Ukraine unfold, their impact is being felt across the globe. The crisis will affect the already turbulent cyber threat landscape. The UK’s middle market needs to act now to protect itself from what could be coming.
The rapid growth of, and reliance on, foreign technology – such as outsourcing a business’s digital functions – has had a significant effect on national security. Geopolitical tensions have already had consequences for technology and digital spaces, particularly when it comes to spreading misinformation and disinformation.
Cyber criminals prey on the vulnerable during times of disruption, as we saw during the coronavirus pandemic. As the world, once again, enters into a period of considerable unrest and economic uncertainty, it is a perfect storm for increased cyber-attacks. Organisations will have to stay up to date with the complex regulatory and cyber-threat environment they operate in.
The UK National Cyber Security Centre (NCSC) has confirmed it is not aware of any specific threats to UK organisations. However, it has confirmed that there was a Distributed Denial of Service (DDOS) attack by Russia on a Ukrainian financial services firm in early April 2022.
The decision to remove Russian access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global financial artery that enables the quick and seamless transfer of money across borders, could have a significant impact on UK businesses. Russian cyber-criminal gangs could decide to make UK organisations a high priority target in retaliation for the sanctions against Russia.
The NCSC has identified a list of typical vulnerabilities that Russian hackers are known to exploit. The list includes DDOS and ransomware attacks. Organisations have been advised by the Computer Sciences Corporation (CSC) to bolster their defences and focus on ensuring that fundamentals are in place.
Here are some of those fundamentals that your business should consider:
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