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Cyber Threats Pose Broader Spectrum of Risks to Businesses
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A growing threat landscape is putting businesses worldwide at risk of financial, technical, reputational, and operational losses, according to Moody’s Corporation.
Assessing and Countering Emerging Risks
As cyberattacks become increasingly sophisticated, organizations must develop a seamless and effective methodology to assess, track, and counteract these emergent risks. Moody’s offers a suite of solutions that integrate cyber risk analytics into cross-business risk assessments, enabling businesses to make more informed decisions and enhance their resilience.
Launch of Moody’s Cyber Industry Steering Group
The launch of Moody’s Cyber Industry Steering Group aims to support the growth of the global cyber insurance market by developing initiatives that address the evolving threat landscape. The group will be anchored by leading market participants in the insurance and cybersecurity industries.
Moody’s RMS Cyber Model
Moody’s RMS cyber model uses a multidimensional assessment to identify and quantify key risk variables, including:
- Threat-actor groups
- Human vulnerabilities
- Digital assets at risk
- Historical cyber incidents
This proprietary research is embedded in an innovative risk modeling framework that can model individual and portfolio-level risks.
Quotes from David Platt
“Cybersecurity risk is an existential issue for businesses worldwide,” said David Platt, Chief Strategic Development Officer at Moody’s Corporation. “Our analysts evaluate the effects of the ever-evolving cyber environment to keep the market informed and up to date.”
Survey Findings
Moody’s survey of over 1,700 issuers globally found that while spending on cyber risk has increased, executive attention paid to the issue has also improved, but challenges still lurk beneath the surface.
Focus on Cybersecurity Management Practices
The impact of cybersecurity management practices on financial risk is a critical area of focus. Understanding a company’s financial and technological exposure to cyber threats can help market participants better prepare for potential cyber events and related financial losses.
Strategic Partnership with Bitsight
Moody’s has forged a strategic partnership with Bitsight, integrating its cybersecurity ratings and analytics into the company’s suite of solutions, including:
- Orbis
- Compliance Catalyst²
- Credit Catalyst²
- Supply Chain Catalyst
- Passfort
Prioritizing Cyber Risk Management
As the threat landscape continues to evolve, businesses must prioritize cyber risk management to mitigate the potential consequences. Moody’s is committed to providing businesses with the insights and tools needed to navigate this complex and ever-changing environment.
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