The Aftermath of The Ukrainian War, Energy Prices, Inflation And The Effects on The Cybersecurity Industry

The invasion of Ukraine by Russia poses significant risks to the global economy, which is still reeling from the epidemic shock.

The fight already appears to be Europe’s worst war since 1945. As residents fled, Russian soldiers launched airstrikes, seized army outposts, and moved closer to Kyiv. According to Western officials, the capital might collapse anytime if its air defences are destroyed.

The attack came after weeks of unrest that had already shaken the world economy by driving up oil costs. Thursday saw an increase in that. For the first time since 2014, oil momentarily surpassed $100 per barrel while European natural gas prices rose by 62%.

Key Vulnerability Points

High inflation and unsteady financial markets are two significant points of vulnerability the epidemic has left for the world economy. The invasion’s aftershocks might easily make both situations worse.

A hazard exists to growth as well. Families will have less money to spend on other products and services if they spend an increasing percentage of their income on fuel and heating. Plunging markets would be an additional hindrance, affecting wealth and confidence and making it more difficult for businesses to access capital for investment.

Energy Prices Spiked

Since mid-2021, energy prices have been growing steadily due to pent-up demand fueled by the post-pandemic rebound and significant market tightness. The European energy market was under unheard-of strain due to Russia’s invasion of Ukraine, where this dynamic was most noticeable.

European wholesale prices for gas and electricity soared by 115% (109%) and 237% (138%), respectively, from February 23, the day before the war began, and July 31, the day after it ended. As the conflict intensified, price tensions moved from the spot market to the entire term structure of energy price futures, indicating that the price of energy would likely be higher for a more extended period.

Massive Surge in Attacks

Cyberattacks believed to be from Russian sources increased by almost 800% over 48 hours after the conflict started. Threat levels, preparedness, and response have all been covered in high alerts shared by US cybersecurity agencies, the Department of Homeland Security, and the FBI.

The importance of this cannot reasonably be overstated. There is little doubt that this string of international events has been planned for some time, with hostile cyber warfare being one of the main tools of the modern global military today. In the past, malevolent state-sponsored cyber-activities have increased during the heightened geo-political conflict.

We do not yet know the type of attacks that may occur or those that may succeed, but given the history of prior global attacks, we must be on the lookout for:

  • Advanced Persistent Threats (APTs)
  • Malware
  • Ransomware
  • DDoS
  • Network attacks
  • Zero-Day vulnerabilities
  • Code flaw vulnerabilities

Or a mix of any of the above.

Hackers Are Getting Smarter

Every day, hackers discover new methods to access data. An information security analyst must spot security issues before criminals do. Then, to guard against cyberattacks, they create and put into place new preventative security mechanisms. An increasing number of cybersecurity specialists are required to design and deploy innovative security solutions as hacker techniques advance.

How can you protect yourself?

Although it is impossible to predict precisely how an assault will look, these precautions can offer widespread protection against what we anticipate will happen.

Patch internet-facing and business-critical software – Not just those vulnerabilities known to be actively exploited in the field should have updates applied. This is the most crucial type of software that is internet-facing and essential for your company’s operations, such as webmail, VPNs, and other remote access options.

Be prepared to respond quickly – In case of a cybersecurity event or disruption of essential infrastructure, identify points of contact within your firm in critical areas.

Prepare for ransomware and data destruction – Ransomware or a harmful cyberattack that impersonates ransomware will likely be used in disruptive cyberattacks.

Lock down your network – Small policy adjustments can reduce the likelihood that an attack on your network will be successful. Reduce the interval between security updates, execute scans for early indicators of compromise (IoCs), and do gap analyses across key attack vectors to identify areas that need alert prioritising.

Organisations Invest in Cyber Protection

In recent years, financial institutions have again been at the forefront of corporations’ significant investments in cybersecurity. Businesses revamped and improved security procedures throughout the pandemic to account for various network access patterns employing virtual desktop architecture, sophisticated multifactor authentication, and data loss prevention tools. Asset management companies have been at the forefront of biometric-based access techniques, significantly lowering the danger of breaches caused by stolen passwords.

Businesses must concentrate their efforts on optimising these technologies’ use, ensuring they are successfully integrated and set up for the best defence. Here, the insurance sector is acting as a catalyst. Insurance companies have been pressuring businesses to use solutions like multifactor authentication, endpoint detection and response tools, email filtering, expanded cybersecurity awareness training, and incident response testing in reaction to the current spike in ransomware attacks. These are becoming more and more prerequisites for even acquiring cyber insurance coverage.

Notably, businesses cannot neglect primary cybersecurity defences. Basics like ensuring the configuration management database are current, the inventory of all IT services, software, and hardware assets, and that your teams have applied the most recent software updates to fix vulnerabilities is part of this. The current situation emphasises the necessity to keep replacing equipment that is not sufficiently cyber-robust against today’s more dangerous threats, even though dealing with end-of-life systems is by no means a quick fix.


Make no mistake; we are living in a period unlike any other. We have never had to deal with the aspects of war that we do now, where attacks can be launched instantly from anywhere in the world. Attacks on our financial systems and our essential infrastructure, including the internet itself, power, water, and health care, should be anticipated and may be made unusable by overt or covert cyber-attacks.

Cybersecurity is becoming a top priority in light of these dangers. Cybersecurity is fundamental to survival and has never been more critical, particularly in light of the developing war between Russia and Ukraine.

Nick Roddick

Head of Production

Elpidoforos Arapantonis

Senior IT security manager at Volvo

Elpidoforos Arapantonis aka Elpis is Chief Product Security Officer at ecarx in Gothenburg, Sweden. He has academic background in electronics with M.Sc. degrees in distributed systems, as well as in information security. He has long experience working in projects around Autonomous Driving, and Advanced Driver-Assistance Systems in OEMs, from the cybersecurity point of view. His current focus is cybersecurity on infotainment systems as well as vehicles’ off board systems.

Anders Jared

CISO at Bravida

With decades in the area of security I now lead the IT and information security work within Systembolaget AB. This proactive engagement together with my background of analyzing security breaches in criminal investigations renders me a unique understanding of both threats and prevention possibilities in our digitalized world.

Anthony Herrin

Nordic Head of Cyber Underwriting at RiskPoint Group

Anthony has 15 years of experience in the insurance industry with roles within both broking and underwriting. He has focused on cyber risk and insurance since 2015 and is CISM certified. Whilst predominantly on the broking side at Aon, JLT and Marsh over the last few years, he has recently moved to an underwriting role at Riskpoint and will lead their team of Nordic Underwriters.

Bernard Helou

Head of IT Governance at Lendo Group

Bernard has 15 years experience in information security. He has been working as a
cybersecurity consultant to CAC40 companies in Paris for 9 years before taking internal roles as information security manager. From security awareness to data protection strategy or
contingency plans, he has a good overview of security best practices.

Moa Mörner


Moa Mörner is an experienced Data Protection Officer with a demonstrated history of working with questions concerning processing on a large scale of special categories of personal data, both for Controllers and Processors. She is skilled in data protection law, advising on strategic level as well as operative, assessments and recommendations, educating, and managing incidents of personal data breaches. Moa is strong advocate for making data protection and information security working together, when the perspective of the individual (data protection) and the perspective of the organization (information security) allows it.

Today Moa is Group DPO at SJ AB.

Jacqueline Jönsson

CISO at Danish Energy Grid

During my 20+ years in the security sector I have a good feeling about what works in practice and gives results and what doesn’t. The part that engages me most is integration of technical security with legal and financial aspects as well as people’s behavior.

Core skill is CISO work and guiding board members and executives about cybersecurity, operational resilience and business assurance.

Also advice on regulations, directives and practices for the financial services and energy sector.

Jonas Rendahl

CISO at Aurobay

My name is Jonas Rendahl and I work as CISO at Aurobay (Powertrain Engineering Sweden AB). I live south of Gothenburg with my wife and daughter.

I started my interest in computers and security at an early age. I have worked within IT since early 2000 but I have worked within many different industries and areas before that. Within IT I have worked with things like development, support, testing, management, audits, disaster and recovery, architecture, operational security and almost all aspects of security you can think of.

I have a keen interest in security and love the fact that it is such a dynamic and ever-evolving industry. From all of my experiences I have learnt that nothing is static and that all experiences are something to learn from.

I am a rather pragmatic person in such respect that I try to listen the organization’s needs and weigh that against potential risks and possible and plausible security measures. I am a firm believer in simplicity over complexity and in setting up the foundation for fruitful conversations by first defining the boundaries and basic concepts to ensure everyone understand each other.

Klas Themner

CISO/Deputy CEO at AMRA Medica

Klas Themner has, as AMRA’s Chief Information Security Officer, overall responsibility for the management of the company’s information security. Klas has been at AMRA since 2017, mostly in the role of COO, also keeping the role of deputy CEO. Before joining AMRA Medical he had 20+ years of experience as COO & CFO in a number of different listed medical device companies within advanced medical image processing and across all imaging modalities. Previously to Life Science, Klas spent 10 years with the Swedish defense industry. He has an engineering background and holds a PhD in Nuclear Physics from Lund University.

Lorena Carthy-Wilmot

Senior advisor in Digital Policing (DPA) at Lillestrøm police station

Former Head of the Forensic Technology Services Lab at PwC in Oslo. Now Senior Advisor in the field of Digital Forensics at the Norwegian Police, East District.


Future leader of cybersecurity sector at Einride

I'm a Senior Security Advisor within the IT/Telco domain with more than 25+ years in the industry.

Thea Sogenbits

CISO at Estonian Tax and Customs Board

Thea maintains tax secrecy of everyone in Estonia. As CISO of the Estonian Tax and Customs
Board she leads the security vision and information security management programme as well as the certified information security organization within the ETCB.

Her academic research focuses on the value chains and business models of professional
organized cross-border transnational cybercrime.

She trains and mentors military, public and private executives on hybrid defense and integration of next level defenses to organizational daily policies, practices and culture.

Thomas Evertsson

Head of IT security at DNB Bank

If you are looking for an efficient, Get the Job Done IT Manager with high ambitions then you've found the right person. I am inspired by a fast pace and successfully driving change, both organizational and technical. I see myself as a realistic optimist who is happy to share ideas and knowledge with others. Experience has taught me to be honest, cohesive and consistent, factors I see as important to success.

Tomi Dahlberg

Senior Advisor Cyber Security at State Treasury of Finland

My executive work, IT management and governance centric career started in 1976. I'm still passionate about these topics as they evolve all the time. Since 1984 I've worked in managerial and since 1988 in executive positions in business, academy and consulting (ABC). Business executive is my main career path.

I have worked in business executive positions in software (e.g. Unic), finance (e.g. Danske Bank), telecom operator (e.g. Elisa), nanotechnology, executive consultancy, and IT services. I have written 70+ publications both academic and practical as a part-time professor in business schools since the year 2000 . My research motive is to understand in depth issues that I conduct in business.

Executive work expertise areas: Corporate governance and board work, change management and leadership, strategy work & management, business models, business development, innovation management, finance.

IT executive expertise areas: governance and management of IT, OT, digital business and platform business, CIO/CDO work, IT service management, data management, business and IS development methods.

Benjamin Bauchmann

CISO at Ströer SE & Co. KGa

Speaking session - March 16th, 2023

Visibility is crucial: E-criminals will find your internet-facing assets you do not know much about

You can only protect the assets you know of, so it’s important to have a high visibility on all your internet-facing assets. Even more in times like these in which states/hackers/the bad guys try to cause havoc. They do not need to target you specifically, but they will find your assets, you do not know about.
Biography: If he had been in Troy then, the city would still be standing today. When it comes to security, most people rely on offerings to the IT gods. Not so Benjamin Bachmann, because he sees cyber security as a holistic issue that must consider and address the triad of people, organization and technology in equal measure. In other words, they form the foundation of a sustainable and livable security culture. An industrial engineer by training, he felt called to promulgate these early on on behalf of various consulting firms. Today, as Vice President Group Information Security at Ströer, he is responsible for the strategic security of the entire Group and develops implementable, useable and human-centered security concepts for the subsidiaries. Privately, he has been battling with his friends for years to see who can bake the best wholemeal sourdough bread, is on a sustainable journey and shows that cyber security is not dry-as-dust topic.

Tobias Ander

CISO at Örebro kommun

Speaking session - March 16th, 2023

Raising a cybersecurity culture! - Why is it so important?

Tobias will be delivering an insightful talk on how to comprehend the security implications of a futuristic security strategy. This talk will focus on the importance of incorporating the security function into crucial decisions, and will provide an overview of what such a strategy would look like. He will examine the emerging technologies in the field of security, and explore how they will influence the security strategies of tomorrow.
Biography: Tobias Ander got more than 20 years of experience in information security. Today he is CISO at Örebro Kommun, runs his own company Securebyme and recently released the book Informationssäkerhetskultur (Information security culture) in swedish. Tobias was awarded “This year’s GRC-profile” in 2017 for his commitment in Governance Risk and Compliance.

Ståle Risem-Johansen

CISO at Spare Bank

Experienced senior manager with 20+ within Energy sector as CIO and CISO. Chairman of the Board of Nationwide Security forum in Norway (Energy Sector) for 7 years. Confident with working with regulator and The Office of the Auditor General Strong relationship-builder always aiming to Learn more. If security is done the proper way it will become a business enabler. Currently hold the position as CISO in SpareBank 1 SMN – a part of SpareBank 1 alliance.

Raviv Raz

Cyber & AI Innovation at Ing

Speaking session - March 16th, 2023

How will AI impact CyberSecurity in near future

  • AI is gradually taking a prominent part in Cybersecurity
  • Recent developments in offensive AI pose, in a close future, threat to  conventional security measures, arming malicious hackers with a powerful  technology previously unavailable to the masses
  • Innovative Advancements on both sides of the force
  • Is AI going to help to save the security staffing shortage or lead to a dark future

Raviv has pioneered and disrupted several domains in Cybersecurity including:

  • Network Access Control
  • Web Behaviour Analytics
  • Programming Language Processing

As part of his R&D work in ING he co-founded the CodeFix and PurpleAI innovation initiatives: reducing false-positive alerts in application security testing and using AI in offensive security testing.
Specialising in Application Security, Raviv has blogged, lectured, appeared in the news and released open-source tools used by tens of thousands of hackers.

Including R.U.D.Y that appeared on the TV show Mr. Robot