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Moody’s is laying the ground for cybersecurity risk evaluation of corporate credit and debt. Evaluating $22 trillion of global debt rating cyber risk exposure, with electric, gas and water utilities, as well as hospitals, among the sectors facing the highest risk of cyberattacks.
While we cannot see which companies, the sentiment is important. If Moody’s evaluation makes its way through the system then the impact on corporate debt will be felt in the board room through bonds, debt interest and lines of credit. As the Financial system prices in the cost of cyber attacks on corporate performance.
Rating agencies are highlighting their concerns that organisations may not be able to service their debt, revenues and cost base in the event of a cyber attack on their balance sheet. A further example where the role of the CISO in securing the balance sheet is important and one where external stakeholders such as credit rating agencies are taking an active interest. Ted Dziekanowski
Moody’s assessment highlights that public organisations do not understand how to manage cyber risk, and address the concerns that the assessment highlights. One only has to examine the DoD DFARS requirements to understand the complexities of cyber compliance. That is light touch compared to the requirements of a NIST CSF profile, and is in addition to the requirements of managing cyber risk (NIST SP 800-37).
#cybersecurity #cyberriskmanagement #cyberlaw #cyberregulation #creditratings #theaugustagroup
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