The Russian invasion of Ukraine has thrown an already unpredictable geopolitical environment into even more uncharted territory. American companies, already working overtime to deal with complex security concerns, are now scrambling to understand the implications of this new wave of international conflict for their businesses.

One thing is clear—the world is entering a very dangerous period. The U.S. Cybersecurity & Infrastructure Agency has issued a “Shields Up” warning to U.S. companies and critical infrastructure operators, anticipating an increase in Russian cyber threat activity in retaliation for international sanctions and other support for Ukraine. Consensus among cybersecurity experts is that we are still likely in the cyber “skirmish” phase, and that the conflict represents perhaps the most acute risk that western companies have ever faced.