An Invasion Of Ukraine Might Coincide With Cyber Attacks On Western Banks

Russia  could conduct sophisticated cyber attacks on the West if it doesn't meet its security demands in relation to NATO's ties with Ukraine. This would likely include attacks on EU and US banks to inflict economic chaos on the international economic system.

The European Central Bank (ECB) has told banks to conduct cyber war games to test their ability to fend off a potential attack, with financial regulators on high alert for a new strike. The British Financial Conduct Authority (FCA) has warned UK banks to stress test their cyber defences as fears grow of Russian-sponsored cyber attacks amid tensions in Ukraine.

Earlier this year, multiple Ukrainian websites were hit by a cyber strike that left a warning to 'be afraid and expect the worst', as Russia amassed more than 100,000 troops near their borders. Ukraine's state security service said it saw signs the attack was linked to hacker groups associated with Russian intelligence services. Russia  has consistently denied that it has anything to do with hacking exploits, however, Britain's National Cyber Security Centre has warned large organisations to bolster their cyber security resilience amid the deepening tensions over Ukraine.

The US Government  has blamed Russia for the devastating cyber attack in 2017, when a virus crippled parts of Ukraine's infrastructure, taking down thousands of computers in dozens of countries and this vulnerability was underscored again last year, when one of the biggest ever hacking campaigns used the US SolarWinds IT Services company as a springboard to compromise a raft of US government agencies This wide ranging e attack gave hackers access to thousands of companies using its products, rippling through Europe.

The heightened fears come as Russia assembles troops and armoured vehicles in combat formation on annexed Crimea near mainland Ukraine. The continued war games will do little to reduce fears of an impending invasion.

  • Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine's Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east of the country. The fighting between Russia-backed rebels and Ukrainian forces has killed over 14,000 people.
  • In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict. Russia has repeatedly accused Kyiv of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it would hurt Ukraine. 

A military invasion would likely land Russia with its own economic sanctions, but insiders fear Russia may strike first and try to disrupt the West's economic structures. The ECB, led by former French minister Christine Lagarde and which has oversight of Europe's biggest lenders, has already diverted its attention from regular scams to cyber attacks launched from Russia, according to sources.

NCSC:    Reuters:    FT.com:      CNBC:         City AM:         Express:      Daily Mail

You Might Also Read: 

Russia's Cyber War Operations Begin

 

« Most SMEs Do Not Provide Cyber Security Training
Ransomware Attacks On Transport & Logistics Centres »

CyberSecurity Jobsite
Check Point

Directory of Suppliers

ZenGRC

ZenGRC

ZenGRC (formerly Reciprocity) is a leader in the GRC SaaS landscape, offering robust and intuitive products designed to make compliance straightforward and efficient.

Resecurity

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 8,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Fortify Experts

Fortify Experts

Fortify Experts is a search and recruitment firm specializing in Cyber Security.

Paladion

Paladion

Paladion is a provider of managed IT security services.

7 Elements

7 Elements

7 Elements is an independent IT security testing company providing expertise in technical information assurance through security testing, incident response and consultancy.

Neupart

Neupart

Neupart provides Information Security Management System, Secure ISMS, allowing organisations to automate IT Governance, Risk and Compliance management.

CSIRT GOV - Poland

CSIRT GOV - Poland

Computer Security Incident Response Team CSIRT GOV, run by the Head of the Internal Security Agency, acts as the national CSIRT responsible for coordinating the response to computer incidents.

CYQUEO

CYQUEO

CYQUEO is your professional partner and system integrator. We secure your organization against advanced cyber threats.

Elysium Analytics

Elysium Analytics

Elysium Cognitive Security Analytics delivers the latest and most flexible security system to reduce cost and complexity while providing unmatched scalability.

IPification

IPification

IPification is a highly secure, credential-less, network-based authentication solution for frictionless user experience on mobile and IoT devices.

ThreatX

ThreatX

ThreatX provides complete web application & API protection to address expanding app footprints and complex attacks.

CyberEdBoard

CyberEdBoard

CyberEdBoard is a private, peer-to-peer education and networking community focused on cybersecurity, technology, business processes and risk management.

Amidas Hong Kong

Amidas Hong Kong

Amidas is your trusted companion on the road to Digital Transformation. We provide a full range of Information Technology Solutions and Professional Services to Enterprise customers.

NGN International

NGN International

NGN International is a full-fledged systems integrator and managed security services provider established in 2015 in Bahrain.

PhishFirewall

PhishFirewall

PhishFirewall is an advanced AI-driven CyberSecurity Awareness Education, Threat Emulation, and Human Security Analytics Platform.

ATHENE National Research Center For Applied Cybersecurity

ATHENE National Research Center For Applied Cybersecurity

ATHENE is the largest research center for cybersecurity and privacy in Europe, conducting application-oriented top-level research for the benefit of the economy, society and the state.

ITQ Latam

ITQ Latam

ITQ Latam are specialists in cybersecurity, in a convergent ecosystem of technological solutions in infrastructure, cloud and security networks.

Bleach Cyber

Bleach Cyber

Bleach Cyber helps small businesses with an affordable and user-friendly solution for managing cloud security.