(MENAFN – IANS)
New Delhi, Sep 11 (IANS) The reputational risk from cyberattacks is rising for many companies globally, as episodes have become more publicised, Moody’s Investors Service said on Friday.
These episodes pose varying degrees of credit risks depending on the sector, size of the company and its relationship with the customers.
“Companies whose customers can easily switch to a competitor or whose business activities rely more heavily on trust are more exposed to reputational risk stemming from cyberattacks,” Moody’s said in a report.
“These risks are growing because of increased disclosure of attacks, both from cybercriminals, who are increasingly identifying the organisations they attack, and from more stringent disclosure requirements put in place around cyber events. Cyber resiliency planning and crisis management actions are essential components to mitigate the risks,” it said.
According to the report, increased disclosure is contributing to rising reputational concerns.
“In the past, many companies avoided disclosing cyber incidents, fearing such disclosures could invite further attacks or damage their reputation. However,…
