Graeme Downie MP's 'Putin Tax': CyberCube Models 1-In-20 Odds of £3.3bn Cyber Hit

LONDON--(BUSINESS WIRE)--CyberCube, the leading provider of cyber risk analytics's data and modelling feature in a new report published today by Graeme Downie MP, with Dr Dominic Reed, 'The Putin Tax: Estimating the Economic Cost of Russian Hostile Activity Against the United Kingdom'.

The report describes itself as the first attempt to measure the economic burden of Russian hostile activity on the UK, from cyber-attacks and sabotage to threats against critical infrastructure. With a foreword from Tom Keatinge, Director of the Centre for Finance & Security at RUSI, it finds that:

• The “Putin Tax” is estimated to cost the UK at least £2bn to £2.5bn a year.

• 75% of significant cyber incidents affecting critical national infrastructure are linked to hostile states.

• CyberCube identified more than 300 Russia-linked cyber incidents affecting UK-headquartered companies since 2022, likely a significant undercount.

• Government has identified attacks but often cannot say what they cost the country, and the true figure is likely to be higher.

Alex Tenenbaum, Director of Services, CyberCube, said: “We estimate that there is a 5% chance in a given year that the UK will experience a single attack by a hostile threat actor that would cost all impacted companies $4.4 billion (£3.3 billion).

“Historical loss data, while useful, is often insufficient on its own. Attribution remains difficult and many incidents are under-reported. The most promising approach involves combining known incidents with catastrophe modelling and wider economic exposure analysis.”

About CyberCube

CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. CyberCube leverages data, analytics, artificial intelligence, and human resources to serve insurance institutions globally. The CyberCube platform was established in 2015 within Symantec and has operated as a standalone company since 2018. With offices in San Francisco, New York, London, and Tallinn, Estonia, the team is committed to helping organizations and society build resilience to cyber risk. For more information, please visit www.cybcube.com or email [e-mail].