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S&P have priced in the impact of the Optus cyber attack. Credit spreads rose from 1.5 to 1.72 on 2028 Australian dollar bonds. Indicating that the risk of remediation, the impact of cyber legislation and costs of addressing the longer term issues has been priced in by the markets. With figures of $1bn being discussed to replace ID documents for 2.8 million people with the Australian Government considering replacing the Medicare numbers of those affected.
Ted Dziekanowski, the costs of the attack are difficult to estimate, but markets are starting to be pricing it in. The impact of the hack on Optus will continue for years to come, and likely be more expensive than the cost of implementing cybersecurity. Albeit addressing Australia’s cybersecurity standards, like the U.S, is an uphill challenge. But one that regulators and markets are starting to clearly understand and one that starts with the first step.
#cybersecurity #creditratings #cyberriskmanagement #cyberlegal #governance #theaugustagroup
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