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The cyber attack on the U.S third party software supplier to the U.S automotive industry highlights the challenges that single sourced suppliers present to supply chains. CDK attack prompted some public dealers to inform their shareholder and the SEC, of the possible material effects of the attack on their financial statements. As the attack bought their operations to a standstill.
CDK was acquired by private equity firm Brookfield Business Partners in a deal in April 2022 – https://lnkd.in/e7HhpSyz through an syndicated equity finance deal with Brookfield and Credit Suisse, Goldman Sachs, BMO Capital Markets, Barclays, Deutsche Bank Securities, RBC Capital Markets, TD Securities, Wells Fargo and Bank of America. While its likely CDK will bounce back and there’ll be little material financial impact in the longer term.
Attacks such as this raise questions for reasonable investors, as to the cybersecurity of their investments and their credit risk exposure. Credit risk can be evaluate over a medium term for many risk categories. Cyberattacks effect credit risk over short windows of time, they also increase legal and operational risk over a long time frame, as organisations incur losses and the effects of class actions on cash flow.
How much of Brookfield’s $3.5billion went into cybersecurity?
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC CDK Global Brookfield Asset Management
#cybersecurity #cyberriskmanagement #cyberattack
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