The Cybersecurity Recession Nexus

The ongoing war in Ukraine has raised risks of major cyberattacks affecting companies, governments, and households. A major cyberattack forcing companies offline could be a trigger of a recession if widespread. Critical infrastructure (e.g., airports, transportation systems, electrical grids, energy delivery systems), company operations (e.g., financial sector, hospitals) and government systems (e.g., defense and nondefense operations) could be severely compromised, causing major disruptions and elevated costs.

However, governments and firms are not without defenses and tools for building resilience.

What governments can do:

1. Increase collaboration and information sharing between governmental organizations and the private sector.
2. Expand the resources available to small- and medium-sized organizations.
3. Develop, validate, monitor, and promote effective and consistent use of cybersecurity standards.
4. Provide a unified approach from the federal/general government.
5. Champion partnerships and measure success.
6. Create a virtual national academy for cybersecurity.

What businesses can do:

1. Build organizational resilience by implementing fundamental cyber protection.
2. Increase cyber workforce resources in private and public sector businesses.
3. Strive to attract new and diverse talent to the cybersecurity workforce.
4. Work collaboratively to share information and prevent future attacks.