Cyber risk gains ground in Korean financial firms' credit ratings

Korean financial firms' credit ratings are being affected by the growing threat of cyberattacks. This is because cyberattacks can cause significant disruptions to a firm's operations, leading to higher funding costs and potentially weakening its financial health. As a result, credit rating agencies like Korea Ratings are looking for more objective ways to assess the cyber risk exposure of these firms, which could impact their credit ratings and ultimately, the stability of the financial system.

Why it matters

Cyberattacks can cause operational disruptions and higher costs for Korean financial firms. This can lead to a decrease in their credit ratings and increase the risk of lending to them.

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