Cyber attacks on banks can trigger more rating action, warns S&P


The banking sector is becoming more exposed to cybercrime after the Covid pandemic accelerated digitalisation and remote working, which can impact ratings, S&P Global Ratings said on Tuesday.

Cyber attacks can harm credit ratings mainly through reputational damage and potential monetary losses, the ratings agency said in a report titled ‘Cyber Risk In A New Era: The Effect On Bank Ratings.’

Banks and other financial institutions are attractive targets for cyber criminals because they possess valuable personal data and play a critical role in servicing particular financial or economic needs and segments.

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