Cyber attacks

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.

The transit agency's acknowledgment of an intrusion set off loud alarm bells about the rising threat of public-issuer system hacks.

The $6.8 million, three-year agreement with IBM includes hardware, software and services to design, install, operate and maintain a cyber center that will connect all the port's users to the system.

Health care facilities have a high risk of cyberattacks compared to medium low risk for local governments and school districts, according to Moody’s

Moody's calls the missed payments an administrative default given the district's willingness and ability to pay.

Georgia, Wisconsin, Texas and other states have master state contracts with insurers that are available to local governments for cybersecurity.

The bill would authorize a new grant program at the Department of Homeland Security to take action on cybersecurity at the state and local level.

Hackers have finally done what bond issuers may have feared most from cyber criminals.

Retired Lt. Gen. Robert Walsh, an advisory board member of Academy Securities, talks with The Bond Buyer’s Chip Barnett about the current situation in the Middle East and what states and cities can do to safeguard their municipalities against the threat of cyber attacks.

Oklahoma joins the ranks of state and local governments struck by hackers, fueling concerns about the escalating risk of such attacks on municipalities.

Data from so-called smart devices can trigger catastrophe for muni issuers if mishandled.