Call us now:
The Co-op syndicated £350 million of liquidity from Barclays, HSBC, ING, Lloyds, NatWest and Rabobank. While S&P upgrade its rating from BB- to BB in 2024. A BB rating falls within the ‘speculative grade’ category not investment grade and the cyber attack will not have helped investors make decisions.
The upgrade was an indication of improved revenue, improved risk management and lower leverage. The Co-op looks to have increased its risk profile, increased risk and increased leverage following the cyber attack.
The Co-op is not a brand anyone wants to see leave the high street, it is relied upon by many people, it employs over 50,000 staff, has healthy revenues and profits. The £350 million is likely the equivalent the Co-op would have spent to build cybersecurity risk management and its transformation program.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement
https://lnkd.in/eP9UyiSx
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