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

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

hackers, hacking, cybercriminals, coronavirus, covid, tech
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Cyber defense will become an increasingly important part of entities' general risk management and governance frameworks, in need of increasing spending and more sophisticated tools

Abhijit Lele Mumbai
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

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First Published: May 25 2021 | 10:25 PM IST

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