Cyber attacks

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.

Baltimore is locked out of many of its computer systems by online hijackers demanding more than $100,000 worth of bitcoins to restore them to the city.

The port's initiative is a credit-positive approach to the risk of online attacks, according to Moody's Investors Service.

Richard Li, a public debt specialist for the city of Milwaukee, said too much cybersecurity disclosure can become a road map for hackers.

A report on cyber-related risks released Wednesday by S&P Global warned that “a successful attack on an entity with limited resources could have a credit impact.”

The Atlanta City Council on Monday is expected to pass a $2.1 billion budget for fiscal 2019.

Credit analysts, bond attorneys and issuers are among those reacting to the increasing risk computer crime poses to governments.