Western investors have largely shrugged off the military conflict in Ukraine, pushing global markets higher. But, deep inside some financial institutions and intelligence services, a debate is bubbling that investors should watch. This revolves not around boots and tanks but the cyber world.
A couple of weeks ago JPMorgan Chase disclosed that it had been the victim of a big cyber attack, and was now co-operating with US government agencies over this (presumed to include the Federal Bureau of Investigation, the Central Intelligence Agency and the National Security Agency).
The details of the incident are mysterious and JPMorgan has refused to elaborate in public. But it appears the attacks emanated from Russia, that they were exceptionally sophisticated and that they affected other institutions, too. And they have consequently left executives in London and New York asking: could the next phase in the Ukrainian conflict be a wave of cyber attacks on western finance – either to retaliate against sanctions or to spark fear?