Cyberattacks could trigger more rating actions on banks, says S&P

Cyberattacks could trigger more rating actions on banks as such instances rise in frequency and become complex. They could harm ratings, mainly through reputational damage and potential monetary losses, according to Standard and Poor's.

The banking sector is becoming more exposed to cybercrime after the Covid-19 pandemic accelerated digitalization and remote working.

Rating agency said 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. Institutions with weak risk governance are less prepared for, and therefore more vulnerable to