Exclusive: U.S. efforts to crack down on ransomware and mandate companies report cyber incidents could end up being a 'credit positive' next year, according to Moody's 2023 cyber outlook.
could reverse this trend and create a "credit positive" environment in 2023, analysts at Moody's told Axios.
Ransomware efforts have started to dissuade attackers from targeting U.S. companies, and incident reporting laws will "help raise a baseline set of information about the scope of cyberattacks," the report notes.: For ransomware, the U.S. is benefiting while organizations in Europe and South America will take a hit as ransomware gangs hone in on them.
"This shift will be credit positive for U.S. issuers experiencing a relative reprieve from attacks but negative for issuers in regions with an uptick in ransomware incidents," the report notes.: Moody's outlook could change depending on how exactly new laws and regulations are implemented. Various government agencies — including both CISA and the Securities and Exchange Commission — are currently working on proposals to set up their own reporting requirements. But, as they stand right now, each one has different deadlines and requirements for the incident reports.
Whether these efforts can be harmonized will play a huge role in whether they hurt a business's creditworthiness in the future, said Gerry Granovsky, senior vice president of Moody's cyber risk group.: Creditors are hopeful that government attention to cyberattacks could help offset some of the financial turmoil these incidents have caused businesses.
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