News & Insights

Cyber alert: increased cyber threats with Ukraine conflict

Published 14 March 2022

Australian organisations are strongly urged to adopt an enhanced cyber security position in the heightened threat environment presented by the Russian and Ukraine conflict. 

The escalating conflict between Russia and Ukraine has raised concerns for the potential for cyber attacks that may impact global organisations well beyond the geographic boundaries of Eastern Europe.
It was widely reported over the last weeks that Russia launched cyber attacks against several Ukrainian financial services businesses, government websites and media outlets.

While details of the attacks are still emerging, concerns have been raised globally on two fronts: the potential for attacks to spread to networks beyond Ukraine, intentionally or not; and whether Russia will take direct aim at Ukrainian allies.

Local warnings have been issued by the Australian Government body the Australian Cyber Security Centre (ACSC) in view of heightened cyber risk globally following the attack of Ukraine and the potential additional risk directly or inadvertently to Australian networks. 

The potential for cyber threats to global organisations is compounded by the fact that Ukraine has emerged as a major provider of critical information technology services in recent years.  
 

 

Actions to enhance business cyber security now

This warning has been issued by the ACSC in view of the reports last week that Russia launched cyber attacks against several Ukrainian financial services businesses. The ACSC recommends that organisations urgently adopt an enhanced cyber security posture. This should include reviewing and enhancing detection, mitigation, and response measures.

  1.  Ensure logging and detection systems are fully operational and up to date.
  2.  Increase monitoring activities.
  3.  Review cyber breach and business continuity plans.
  4.  If your business has not implemented the ACSC’s cyber security mitigation strategies you should do so immediately. 

The ACSC is monitoring the situation and is able to provide assistance or advice as required. Organisations that have been impacted or require assistance can contact the ACSC on 1300 292 371.
As our clients navigate the cyber insurance application process and policy renewal cycle, they should be aware of the rapidly evolving cyber insurance products which may impact the scope of insurance coverage. The war in Ukraine is likely to accelerate cyber insurers’ focus on the war exclusion. 

We recommend businesses work closely with their broker to obtain the protection they need.
 

Further reading

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Australian organisations should urgently adopt an enhanced cyber security posture

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Australian organisations are encouraged to urgently adopt an enhanced cyber security position

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Strategies to Mitigate Cyber Security Incidents | Cyber.gov.au

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Gallagher US Cyber alert early March 2022

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Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective.
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