Russia-Ukraine crisis could have ‘real repercussions’ on Americans’ wallets, expert warns
Companies prepare for cyberattacks impacting private businesses, taxpayers
National Taxpayers Union Executive Vice President Brandon Arnold says companies are expecting cyberattacks to hit individuals and private businesses.
The fallout from an impending war between Russia and Ukraine could have a negative impact on Americans’ bottom line.
"We're seeing companies across this country battening down the hatches because they're expecting cyberattacks to hit our private businesses, to hit individuals," National Taxpayers Union Executive Vice President Brandon Arnold said on "Mornings with Maria" Wednesday, adding that "it's an enormous threat."
Concerns of a cyberattack have grown in recent weeks as the U.S. fears Russian aggression in Eastern Europe emboldens the possibility.
"We also need to be prepared for the blowback because this can have real repercussions on the health of our private companies and the individuals that work for them," Arnold told FOX Business’ Maria Bartiromo.
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"They're looking at the potential for a foreign conflict, saying, 'Okay, how is this going to hit me?' And I worry that this is going to show up in growth, in economic GDP numbers this year, this quarter, probably next quarter," Independent Women’s Forum’s Patrice Lee Onwuka added.
Sen. Marco Rubio, R-Fla., during an interview on "Fox & Friends" Tuesday, pointed out that 90% of the States’ neon gas supply for computer chip production comes from Ukraine.
FOX Business' Edward Lawrence reports on how U.S. prices could rise alongside Russia-Ukraine tensions.
"If that's disrupted, it's really going to hurt that industry here in the United States," he explained.
Rubio also noted Ukraine is one of the world’s top wheat and corn producers, warning the conflict could drive up global food prices.
Both Arnold and Onwuka cautioned on Wednesday that Russia will fight "dirty" and try to prevent the U.S. economy from recovering from the pandemic.
"The Russians fight dirty, there's no secret about that, everybody knows it," Arnold said.
"I think a lot of people are saying we are not going to be returning to normal as we thought," Onwuka agreed.
On Tuesday, the Biden administration imposed initial sanctions on Russia, cutting off two of the Kremlin’s major banks from the U.S. financial system.
National Taxpayers Union Executive Vice President Brandon Arnold and IWF Center for Economic Opportunity director Patrice Lee Onwuka discuss Biden’s bad ratings.
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However, Arnold believes that’s not enough.
"What we need here, obviously, are tougher sanctions against Russia," he said.