Should NYC Entrepreneurs Launch Startups During The Russia-Ukraine War?

Russia’s invasion of Ukraine has caught entrepreneurs launching startups across the world off-guard. 

From rising gas prices, companies deciding to cease business operations and investments in Russia, and now, the risk of cyber attacks in New York

U.S. officials have joined forces in helping make New York entrepreneurs close t launching startups aware of the possible consequences of cyber attacks. 

Sen. Kirsten Gillibrand warned citizens of NYC in a recent press conference at the NYPD headquarters in Manhattan that: 

“There is no guarantee that those attacks will be limited to Ukraine. The decision to impose sanctions on Russia puts the country at an ‘increased risk’. These effects may carry out retaliatory cyber attacks, particularly against the state of New York with its infrastructure and individuals." 

In the same press conference, NYPD Deputy Commissioner of Intelligence and Counterterrorism John Miller stated that the threat of potential cyber attacks in the state is ‘always high’, but the recent uptick of pop up threats and the war in Ukraine have made them cautious to move from their normal high alert to ultra-high alert to help them attribute possible threats from state actors.

Why is New York one of the top targets in the United States for Russia to perform cyber attacks?

When tensions between two countries in conflict are at their peak, opposing countries may employ cyber attacks. This is done mainly for tactical and strategic reasons - to disable systems and put pressure on certain entities. 

Given New York’s role as the economic engine and financial center in the country, it comes as no surprise that the Empire State is at the epicenter of possible cyber attacks. 

New York State Governor Kathy Hochul recently even issued a statement to back this claim: “The reality is, because the state of New York is a leader in the finance, health care, energy and transportation sectors, our state is an attractive target for cybercriminals and foreign adversaries.” 

What does this mean for startup businesses?

man looking at different business ideas

While you may be ready to take the leap and become an entrepreneur, this does come with risks.

It can be difficult trying to launch your business during times of uncertainty. 

Russia controls a massive amount of different global resources - natural gas, oil, wheat, palladium, nickel… The lack of supply of those resources and a steady demand would only lead to a surge in prices. 

For now, you should consider exercising caution and do the following: 

  • Market your brand on social media
  • Rent private offices in NYC coworking spaces instead of commercial spaces
  • Be mindful of any updates to certain supply chains before making purchasing decisions.    

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