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  • Donald E. Hester

Cyber Risk Update 17 MAR 23


Cyber Incident Hit Credit Rating

  • Moody’s Corp. said the incident was “credit negative” for AT&T because it could negatively impact customer behavior, attract regulatory scrutiny or cause churn to spike. “Cyber incidents in the telecoms industry appear to be rising, raising questions about the industry’s cyber risk governance and defenses, as well as the overall exposure profile. The AT&T breach, stemming from a hack against a marketing vendor, further highlights the multitude of exposure lanes for cyberattacks,” Neil Begley, senior vice president for Moody’s Investors Service, said in a statement. - Wall Street Journal

Data Breach

New Threats

Nation States

New Risks

  • This is a new potential cost and risk related to disclosing misleading information about a data breach or ransomware attack. Blackbaud to Pay $3M for Misleading Ransomware Attack Disclosure.

  • "To settle the SEC's charges (but without confirming or denying the SEC's findings), Blackbaud has agreed to pay a $3 million civil penalty for failing to disclose the full scope of the cyber attack. "Public companies have an obligation to provide their investors with accurate and timely material information; Blackbaud failed to do so." David Hirsch, the head of the SEC Enforcement Division's Crypto Assets and Cyber Unit."

New Regulations




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