Increased digitalization and accelerated work-from-home arrangements in response to the COVID-19 pandemic may further expose the banking industry to cybercriminal activities, according to S&P Global Ratings.
In a report, S& P analyst Irina Velieva said cyberattacks could harm the credit ratings of financial institutions mainly through damage and potential monetary losses.
“Cyberattacks have had only a limited effect on bank ratings to date, but could trigger more rating actions in the future as cyberincidents become more frequent and complex,” Velieva said.
The debt watcher said banks and other financial institutions are attractive targets for cybercriminals because they possess valuable personal data and play a critical role in servicing particular financial or economic needs and segments.
It warned institutions with weak risk governance are less prepared for, and therefore more vulnerable to cyberattacks.