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Moody’s looks at the event risk and the impact of cyber incidents on organizations For some time now, information security professionals have been discussing how a company’s stock price can be affected by an information security incident. … Continue reading Interpreting Moody’s Research on the Implications of Cyber Risk
Fallout from Equifax’s 2017 data breach continues to impact the company even years later. Moody’s Investor Service, a bond credit rating business, lowered Equifax’s rating outlook from stable to negative, which indicates a higher likelihood of a ratin… Continue reading Rating: How Current Cybersecurity Issues Can Affect Future Profitability
There’s at least one part of the financial sector where hackers are good for business. Direct cyber insurance premiums grew to $2 billion last year, up 26 percent since 2015, according to figures published July 25 by Moody’s Investors Service. That figure represents less than 1 percent of premium insurance revenue in the U.S., but it’s clear the increasing claims over the past three years are driven largely by concerns about data breaches, distributed denial-of-service attacks and, perhaps most notably, ransomware. The problem, despite all the demand, is that some insurers are now re-thinking whether it’s in their best interest to keep offering the plans that help clients recover from devastating cyberattacks. Swiss Re Americas, a reinsurer that primarily backs governments and other insurance companies, is reluctant to embrace the cyber insurance market because of unpredictable, and expensive, attacks like the 2017 NotPetya incident, which the White House said caused $10 billion in […]
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Continue reading Demand for cyber insurance grows as volatility scares off some providers
The Equifax data breach that compromised information on more than 147.9 million people continues to affect the company’s business prospects nearly two years after the incident was publicly announced. Financial ratings service Moody’s has downgraded its rating for Equifax from “stable” to “negative,” citing a high level of cybersecurity expenses and ongoing litigation following the massive 2017 security incident. This downgrade, announced Wednesday, marks the first time cybersecurity has been named as a factor in an outlook change, a Moody’s spokesman told CNBC. Breach litigation and related investigations cost Equifax $690 million in the first quarter this year, according to the report. Analysts predicted the credit-ratings firm will spend an additional $400 million on cybersecurity expenses and capital investments in both 2019 and 2020 before that rate declines to roughly $250 million in 2021. “The heightened emphasis on cybersecurity for all data-oriented companies, which is especially acute for Equifax, leads us […]
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The three men are accused of hacking into at least three multinational corporations over the past seven years. Continue reading US indicts three Chinese nationals for alleged cyberattacks