Tag Archive for: Invasion

IT staff warned cyberattacks may follow Ukraine invasion • The Register


As the invasion of Ukraine heads into its third week with NATO allies ratcheting up sanctions against Russia, infosec vendors have urged Western governments and businesses to prepare for retaliatory cyberattacks.

According to Mandiant, Ukraine remains the top target for destructive or disruptive cyberattacks. That said, several US and EU sectors including government, financial services, energy and utilities, and transportation face a “moderate-high” risk of attack from Kremlin-backed miscreants. Media outlets, meanwhile, face a “moderate” risk. 

So far, apart from a few standout moments – such as web systems being knocked over, wiper malware infecting machines, and satellite communication terminals coming under attack – there’s been little indication of a serious, widespread escalation in cyberwarfare between Russia and Ukraine and its allies.

“The nature and length of NATO and Western sanctions and responses likely will heavily influence Russia’s perception of high-priority targets for retaliation,” warned Mandiant, which sells cyber-defense products and services.

“Organizations making public statements condemning Russian aggression and/or supporting Ukraine and organizations taking actions to restrict Russian participation in international commerce, competitions, and events face elevated risk of future reprisal.”  

This warning comes as a slew of tech companies have pledged to drastically scale back sales in Russia and Belarus, if not quit both countries altogether. Others, including Cloudflare and Akamai, have said they’ll keep their networks up and running in Russia to provide its citizens with connectivity to the rest of the world — but they’ve also said they stand with Ukraine.

At the very least, as we’ve previously reported, Western governments and organizations should prepare for Russian cyber-espionage, according to soon-to-be-Google-owned Mandiant. However, threat actors like Sandworm and the…

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Ukraine invasion: Could Russia turn to cryptocurrency and cyber crime to dodge sanctions? | Science & Tech News


Sanctions imposed on Russia for invading Ukraine caused the rouble to plummet on Monday but as it dropped the value of cryptocurrencies including Bitcoin and Ethereum shot up.

Unlike the global financial system where central authorities can prevent Vladimir Putin’s regime from accessing the Kremlin’s foreign reserves, and Russian banks from using the SWIFT payments network, there are no technical means to block Russia and its oligarchs trading cryptocurrencies.

That doesn’t mean that unregulated cryptocurrencies provide a loophole for the country’s institutions and oligarchs, just that the enforcement mechanisms used by financial institutions to monitor transactions aren’t always available. Laws requiring cryptocurrency exchanges to verify their customers’ identities still apply in all jurisdictions where the sanctions have been issued.

Live updates on the Ukraine invasion

Caroline Malcolm, the head of international public policy for Chainalysis, said: “As with the traditional financial system, Russia can leverage cryptocurrency to evade the sanctions that are being put in place in response to their invasion of Ukraine. And as in the traditional financial system, the cryptocurrency ecosystem can put measures in place to identify transactions from identified sanctioned entities.”

The value of Bitcoin rose as the Rouble fell due to sanctions
Image:
The value of Bitcoin rose as the Rouble fell due to sanctions

Cryptocurrency not ideal for the ultra-rich

But for the volumes of trading that Russia would need to weather the sanctions covering $643bn in international reserves, there simply isn’t enough cryptocurrency available – and the volumes would be impossible to transfer covertly as the blockchain is, by design, a public ledger of all transactions.

Instead, as the country faces potential hyperinflation, the rise for Bitcoin and Ethereum is more likely to be caused by Russian citizens (rather than the government and oligarchs) looking to move their roubles into other currencies, or very possibly due to speculation from others about Russians doing so.

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Russia’s Ukraine Invasion Poses Big Economic Risks, Including Fed Policy, Oil Prices, Cybersecurity


Russia’s Ukraine invasion began early Thursday, igniting a new Cold War amid already-heightened U.S. and global economic risks.




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President Joe Biden and U.S. allies retaliated with a barrage of sanctions. Yet Biden made clear on Thursday that those sanctions are tailored to degrade Russia’s military and economic potential over the long term, while shielding the U.S. and Europe from a near-term blowback.

That’s why, despite a new era of heightened geopolitical risk and potentially intensified cybersecurity warfare, Wall Street reacted like the global economy had dodged a bullet.

The major indexes tumbled Thursday morning to their lowest levels in months as Russian President Vladimir Putin began his full-blown Ukraine invasion. But stocks rebounded powerfully by the close and added to gains Friday, with cybersecurity plays such as Palo Alto Networks (PANW) leading the way. A new stock market rally attempt is underway but has not been confirmed.

Yet serious risks for the U.S. and global economies remain.

Federal Reserve Economic Risks

If nothing else, a protracted Ukraine invasion could add a premium to oil prices because of the greater chance that some of Russia’s indispensable crude supply could be shelved. The price of oil briefly topped $100 a barrel Thursday. It’s now eased back to above $91 — still the highest since 2014.

While soaring energy prices might dampen consumer spending, they could send the CPI inflation rate past 8%. That might compel the Federal Reserve to plow ahead with its plan to aggressively tighten monetary policy, even if economic growth might sputter.

“If anything, this aggravates the inflation problem in the U.S.,” Krishna Guha, vice chairman of Evercore ISI, told firm clients in a Thursday webinar on the implication of Russia’s invasion. “It makes it harder to achieve the soft landing” the Fed is trying to execute.

In the past, a geopolitical crisis triggering a market correction would spur the Fed to put off rate hikes.

Goldman Sachs economists note that the Fed moved to ease policy after 9/11 and as China trade war tensions spiked. Yet this time is different. “Inflation risk has created a stronger and more urgent reason to tighten today,”…

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U.S. Warns of Imminent Russian Invasion of Ukraine With Tanks, Jet Fighters, Cyberattacks


President Biden said Friday he is convinced Russian President Vladimir Putin has decided to invade Ukraine and that he expects an attack in the coming days, with targets including the Ukrainian capital, Kyiv.

U.S. officials said a Russian attack could involve a broad combination of jet fighters, tanks, ballistic missiles and cyberattacks, with the ultimate intention of rendering Ukraine’s leadership powerless.

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