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Conflict between Russia and Ukraine raises risks of global cyberattacks, says Fitch

Fitch claims that cyberattacks against companies and government agencies have been on the rise following Russia’s invasion of Ukraine, “with the risk of cyberattacks against non-primary targets becoming much more widespread.”

There are greater risks, especially for issuers that do business with these countries or their governments, as well as with entities or countries that are subject to sanctions or that are accused of interfering in the context, says the agency.

Potential targets include critical infrastructure such as financial services, governments and utilities.

The NotPetya attack in 2017 is an example of a cyberattack that shows the risk to other entities outside Ukraine, recalls Fitch.

The Ukrainian government and financial institutions were the target, but it ended up affecting computer systems around the world, at the cost of billions of dollars in damage.

According to Fitch, the current conflict amplifies the broader trend of increasing volume, size and sophistication of these attacks, with corresponding significant financial, reputational and legal risks.

Source: CNN Brasil

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