Yet another dimension of the cyber threat is the impact of public and commercial enterprise cybersecurity on credit ratings. “At S&P Global Ratings, we have seen more credit-relevant cyber events in the last six months than in the previous six years, and we routinely reflect on recent cyber developments to sharpen our focus and to help us refine our forward-looking credit views,” says S&P.
The announcement mentions cyber insurance as a relevant service for organizations concerned about their credit ratings. It also highlights cyber simulations as an important tool for boards.
Notably, the release reports the successful attack on insurance provider did NOT affect its credit rating: “The company’s prompt remedial actions–including communicating with employees, customers, brokers and agents, investors, and regulators–helped to limit the extent of the damage and mitigated our initial concerns about the potential impact on its brand, reputation, and competitive position.”
Source: Cyber Risk In A New Era: The Increasing Credit Relevance Of Cybersecurity | S&P Global Ratings