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The credit rating agency Moody’s has evaluated cyber risk due to digitization and cybersecurity practices across CNI. With high risk sectors identified as electric and gas distribution, water and wastewater utilities, regulated and self-regulated entities, power generation projects, unregulated utilities and power companies, and not-for-profit hospitals.
What is interesting is that Moody’s evaluates the impact of cyber and ICT risk on debt. A factor that is not always bought to the fore by the evaluation of cybersecurity risk management. With a national catastrophic cyber attack not only having an impact on companies. Consequential losses flow across financial services through the insurance industry and broader debt markets and broader society (United Health hack)
Moody’s identified high-risk category’s as representing $28 trillion in debt. With manufacturing, education, medical products, mass transit and ports, accounting for $7.1 trillion.
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The EU NIS 2 regulation comes into force in January 2025, in part a regulation that moves towards addressing the effects of cyber and ICT risk on CNI. Requiring boards of covered entities demonstrate oversight assurance and attest cyber, at risk of civil or criminal sanctions. A regulation that could affect around 150,000 companies across the 27 member states.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC Moody’s Corporation European Parliament
#cybersecurity #cyberriskmanagement #cyberregulation
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