The U.S. government is warning U.S. firms to prepare for possible Russian cyberattacks due to the West's economic sanctions on Russia and support of Ukraine. This note explores the specifics of the U.S. government's "Shields Up" warnings, and reviews the basic measures and precautions U.S. financial institutions should have in place or be implementing to prepare for state-sponsored cyberattacks from Russia.

Companies Mentioned:

Bitcoin, Citigroup, Colonial Pipeline, Cybersecurity & Infrastructure Security Agency (CISA), Defense Intelligence Agency (DIA), JPMorgan Chase, NATO, PNC Bank, SolarWinds, US Bancorp, Wells Fargo