Just because foreign efforts exist to impact an election doesn't mean they're working.
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But if Russians are in fact mounting any information operations, shouldn’t the public be vigilant and raise the alarm anyway? Even if they are not the main game in town, they are still doing something that is illegal and against which we should defend, no?
The question has to be answered based on the objective of the disinformation campaign. If the objective is to get discrete false facts or frames communicated to target audiences, then yes, researchers and people in government should focus on it and there is no harm in emphasizing the threats of Russian disinformation. There have been excellent discrete studies of Russian propaganda aimed to achieve specific beliefs, such as the campaign to besmirch the White Helmets in Syria. These studies suggest that researchers certainly need to maintain an effort to monitor and identify, contain, and counter Russian information operations.
But most Russian information operations aren’t aimed at pushing concrete facts. It’s widely known that internally, in Russia itself and in its near periphery, the broad strategic thrust that Russian propaganda has focused mostly on is achieving disorientation, a state of “nothing is true and everything is possible,” as Peter Pomerantsev put it so well. It is that general disorientation, rather than a specific belief in a specific false fact or frame, that renders an opponent ungovernable. Beating the drums about disinformation campaigns aimed at this kind of disorientation is harmful, rather than helpful. If the objective of the campaign is to sow doubt and confusion, to make Americans believe that we have been infiltrated and that Russia is an all-powerful actor messing with our democracy, then overstating the importance of the campaign simply reinforces and executes the Russian plan.
To appear powerful and dangerous, all Russian actors need to do is make sure they are described as powerful and dangerous by credible sources in the United States. And for now, it seems that they are succeeding in doing just that. They have made a show of mounting information operations. And although there is no publicly available evidence that these operations have had any meaningful impact on voting or other behaviors and beliefs at a mass population level, their observed efforts have triggered extensive news reporting, published research and government readiness responses. Having triggered an autoimmune response, Russian actors can sit back to enjoy seeing well-intentioned and unwitting instruments report their campaigns widely and give them much more weight than they deserve.