More than 30 municipal water systems in Minnesota — and more in other states — were hit by a coordinated cyberattack last week that spurred an FBI alert.

Issuers who aren't using AI to protect themselves are relying on older code that won't be able to hold up, one expert said.

Market Intelligence analyst Jeff Lipton says cyber preparedness has become a key credit signal for muni investors, with issuer readiness potentially affecting borrowing costs, liquidity, capital market access and confidence in timely debt service.

The Municipal Securities Rulemaking Board's EMMA website is getting a revamp this year, Chief Product Officer Brian Anthony told a GFOA committee.

After the latest cyberattack struck a K-12 school system, rating agencies and muni market participants warned of an evolving risk to school district issuers.

Ed Fierro, a partner at Bracewell, said "making any changes to the rule is a very lengthy process."

Hacking group ShinyHunters took credit for the data breach that affected the Instructure-owned Canvas learning management system.

A New Jersey suburb will issue short-term debt as its officials try to recover $4.8 million stolen after a cyberattacker accessed a school district email.

U.S. public finance entities could see heightened "cyber reprisals" by Iran and its proxies amid the continuing conflict in the Middle East, with these attacks from state-sponsored actors, hacktivist groups, and lone wolves likely to become more frequent, Fitch Ratings warns.

The development of powerful quantum computers has serious implications for how state and local governments protect sensitive information.

In rural areas, "even modest rate increases can force low-income households to choose between water service and other basic necessities," Matt Odermann from the National Rural Water Association told senators Wednesday.

Fiddlers Canyon's complaint should be dismissed for several reasons, UMB said. 

As climate and cybersecurity risks intensify, Jeff Lipton argues it's time for the legal community to lead a new era of municipal disclosure — tightening language, clarifying exposures, and ensuring investor confidence.

The attackers did not steal any data, but the firm had to rebuild its servers to get back into operation, said Albert Rodriguez, a manager at ImageMaster.

"If I wanted to target municipal finance, this would be a really good place for me to start," said Omid Rahmani, public finance cybersecurity lead at Fitch Ratings.

Nevada is the latest public entity to be hit by a cyberattack, with officials struggling to restore services.

St. Paul, Minnesota, is recovering from a cyber attack that overwhelmed the city's defenses ahead of its Aug. 19 bond deal close.

Since the attack, many in the industry have had conversations about how to better secure transfer of funds, Vivian Altman said.

Closing is scheduled for White Lake Township, Michigan's second try at a GO bond sale after the first was interrupted by the cybertheft of bond proceeds.

While the White Lake, Michigan, township hack is the best-known and publicly disclosed cyberattack, there have been others. Some issuers and firms are reluctant to share these experiences publicly.