![]() ![]() “Digitisation risk can affect one company and spread to numerous other global organisations,” the rating agency said, specifically referring to the attack on US IT company SolarWinds, which came to light in December 2020. ![]() Moody's stressed that the scale of a sector plays a role in how much damage a cyber attack can bring, and the potential domino effect that can spread throughout a range of ecosystems. “Most also have a low reliance on technology and data to maintain business operations or an ability to easily revert to manual operations,” it added. Given these sectors have a localised nature, any successful attack on one would be unlikely to impact the rest of the economy, Moody's said. Meanwhile, low risk sectors include structured finance, real estate, independent exploration and production, mining and public sector housing. “If sustained, the Colonial Pipeline shutdown could have had worse contagion effects across the region, but it was resolved in a timely manner, thereby limiting any lasting effects,” Moody's said. The rating agency cited the May 2021 cyber attack on Colonial Pipeline, which disrupted fuel deliveries to a large region across the South Eastern US and illustrates why the midstream energy sector has a high systemic role score. Specifically, integrated oil companies, technology and chemicals have a high systemic role, in part reflecting their interdependencies with sectors that Moody's identified as having “very high systemic role”, such as utilities and banks. Financial institutions, in particular, have a very high systemic role given the central function the broader banking system plays within a functioning economy, Moody's said.Īdvanced economies and emerging market sovereigns, regional and local governments, manufacturing, retail and integrated oil sectors have moderate risk, it added. “We point to the critical nature of their capital intensive and long-lived assets and services, the growing reliance on digitisation, and the improvements needed for selected cyber practices relative to other sectors,” it said.īanks, technology, telecommunications and midstream energy industries are at high risk. The Moody's report showed that sectors with very high risk include critical infrastructure such as electric, gas and water utilities, as well as not-for-profit hospitals - all of which heavily rely on data to power their operations. What is cyber crime and how can I protect myself online? ![]() If that were to be measured as a country, it would be the world's third-largest economy after the US and China, it said.īy 2025, such crimes are expected to cost the world about $10.5tn, up 250 per cent from 2015's $3tn, it added. Online criminal activity cost the world about $6tn last year, according to a study by research company Cybersecurity Ventures. “We point to the critical nature of their capital intensive and long-lived assets and services, the growing reliance on digitisation and the improvements needed for selected cyber practices relative to other sectors.”Ĭyber criminals continue to look for lucrative opportunities and tend to be where digital activity is most apparent, having increased their efforts to be a step ahead of organisations as digital adoption continues to rise. “This does not mean the issuers within these sectors have weak cyber security practices … our 2022 cyber heat map points to rising risks for many sectors, while mitigation and other defensive measures are also becoming more prevalent,” Moody's said. ![]()
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