‘Extremely Destructive’ Russian Cyberattacks Could Cost U.S. Billions Of Dollars In Economic Damage, Goldman Warns


As Russia’s invasion of Ukraine escalates tensions with the U.S. and its allies, economists at Goldman Sachs are warning either side could resort to malicious cyber activity targeting companies and critical infrastructure as a means to inflict significant economic damage while avoiding direct military conflict, though there are indications the U.S. may have an economic upperhand that helps deter risk.

Russian President Vladimir Putin attends his New Year address to Russians in central Moscow.

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Key Facts

Though no Russia-based cyberattacks targeting the U.S. have been identified since Ukraine was invaded last month, Goldman economists led by Jan Hatzius said in a Monday research note that growing tensions have “raised the risk” of malicious cyber activity between the two nations, particularly since almost 60% of state-sponsored cyberattacks last year were attributed to Russia.

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