The conflict in Ukraine is being fought on many fronts and is creating significant risks that are affecting the entire world. BPM has identified several key areas that you and your business need to know to navigate the crisis.
Cybersecurity
One of the biggest risks that governments, corporations, and individuals face is on the electronic security front. Many of the tools being used by hacking groups are being opportunistically deployed against non-Ukrainian targets, and we can expect this activity to escalate as the conflict continues as well as potential copy-cat attacks. BPM recommends extra vigilance against hacking attempts. This is a good time to test your security controls and make sure that everyone in your organization is properly trained on preventing digital attacks through phishing scams and other common cyberattacks.
ESG
Organizations need to view global conflicts like the war in Ukraine through the ESG lens with the goal of raising collective consciousness. Companies need to do the right thing to end the suffering caused by this attack and adopt policies that promote peace and equality in the world, and your employees generally expect as much. Boards and executives in every industry will need to respond to new risks and drive positive change such as reducing their dependency on oil from Russia and other sanctioned nations. The importance of having meaningful ESG programs in place has never been more apparent.
Economics
The conflict in Ukraine is creating serious concerns for investors around the world. The global economy is still in recovery mode from the pandemic, and continued commodity shortages, supply chain disruptions, non-conforming fiscal spending and high rates of inflation are now being compounded by the war. Business leaders need to factor the long-tail effect of this invasion into their planning and recognize that the disruptions caused by the conflict are not temporary. Even basic things like global travel and international money transfers are going to be disrupted for quite some time.
Technology infrastructure
Thousands of global companies have technology operations in Russia and Ukraine, and there is a very significant risk of disruptions as a result of sanctions against Russia and unstable infrastructure in the areas where the conflict is occurring. BPM recommends that companies assess their resources to make sure that their operations are not disrupted. This is where a relationship with an international outsourcing company can help mitigate the risks and balance loads among multiple locations around the world.
Helping out
Here are a number of resources to help guide which nonprofit organizations your company can support.
BPM will continue to monitor the war in Ukraine and provide updates as the situation changes. It is our fervent hope that the invasion will end quickly, and that peace will return to that part of the world.
