Data and information management

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.

SEC probe relating to a cyberattack on a Michigan township's bond sale could involve looking into whether investors are getting an accurate picture of the issuer's credit risk, a former SEC enforcement attorney said.

Belvia Gray, Public Finance Leader at Baker Tilly, talks about the firm's efforts and focus on bringing the industry together on cyber security threats, succession planning and more.

The public finance industry is addressing cyber threats, which became clearer with last year's hack of White Lake Township's bond closing.

White Lake Township, Michigan, is facing legal action on two fronts: one of them related to the hack of its bond deal closing last year, the other a civil suit. 

The offering document for a White Lake Township bond sale sheds more light on the hack criminals used to intercept funds between the underwriter and borrower.

Data-driven local governments and other public agencies might sound like a complex subject or something difficult to attain, but that could not be further from the truth.