Cyber attacks

Through proposed SEC regulations, federal grants and cybersecurity insurance, areas of the public finance industry are adjusting to costly and omnipresent cyber threats. 

The increasing number and frequency of cyber attacks against municipalities is a cause for credit concern, S&P Global Ratings says.

Attacks pose acute financial threats and longer term reputational and legal risks, analysts said.

The California Department of Finance aids the governor in drafting the preliminary budget that is released in January.

Increased use of third-party vendors by transportation issuers may be putting those entities at increased risk.

CommonSpirit Health priced more than $1 billion of debt on schedule Tuesday after disclosing a ransomware attack that has impacted some IT operations.

Cybercrime, inflation and more severe storms are among the increased risk factors confronting colleges and universities in the Southeast.

The nation's largest not-for-profit health system returns to the market with a mix of new money and refunding debt offering tax-exempts and taxables.

Municipal governments have become a target for online criminals. Experts warn their neglect of cybersecurity puts finances, services and vital records at risk.

Shortly after New Jersey state lawmaker Shama Haider introduced a bill to strengthen cybersecurity defenses, her own town of Tenafly faced a ransomware attack.

Howard Globus, founder and CEO of IT-on-demand.com, talks with Chip Barnett about what municipalities should do before, during and after a cybersecurity attack to keep their systems secure from hackers. (19 minutes)

Several states have passed, or are considering, legislation to bar local governments from making payments to criminals who hold computer systems hostage.

The U.S. and European Commission moved Saturday to disconnect Russia from a global financial system.

“Compromised systems can directly affect public finance entities in the near term,” says Fitch's Omid Rahmani, citing ransomware risks.

In the last decade Omid was involved in cyber security issues.

Cyber criminals threaten the safety of patients and the financial health of hospitals. The life-and-death stakes underscore the importance of online security.

Cyberattacks pose rising operational costs and can hinder revenue generation for hospitals and health systems eventually leading to rating hits, Fitch warns.

S&P’s Tiffany Tribbitt and Geoffrey Buswick talk with Chip Barnett about what municipalities can do to counter the growing threat of cyber attacks and what steps cities and states can take after an incident happens. (15 minutes)

Alan Rubin, principal, Blank Rome Government Relations

Rating agencies are pushing municipal issuers to build online security risks like ransomware attacks into mitigation strategies that include more transparency.