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They say cyber goes where the money is and hedge funds have plenty of it. The challenge all financial markets face is that cyber can have a direct and indirect impact. Directly on the firms in the market, for example as this article points out hedge funds can be targeted directly requiring intervention within a company. Cyber can also impact the investments they make, impacting credit risk (look at the rational for Moody’s down grade of Equifax last year). Pension funds have started to take cyber seriously, raising concerns on investment grades and the preparedness of companies the invest in to manage cyber. Equity markets are volatile when it comes to cyber attacks, impacting the value of pension funds and market confidence. Capital One share price dropped and rebounded following last years attack. Insurance markets pick up the downside risk of cyber attacks, they are currently clarifying P&C, D&O and cyber policy coverage.
Cyber attacks can be specific, targeting companies uniquely, but there is a real concern that they can be contagious, as raised by Christine Lagarde in early February 2020.
Whilst cyber is an issue being addressed by regional regulators. Do we need global standards which companies can rely upon to develop appropriate risk mitigation strategies?
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