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Best Practices in Cybersecurity Risk Disclosure for State & Local Governments in Municipal Offerings

  • Author(s):
  • National Federation of Municipal Analysts

Every year, several hundred billion dollars of municipal bonds are issued and purchased by both institutional and retail investors. Cybersecurity is becoming an increasing concern of state and local governments, and cyberattacks against state governments, local governments, 501c3 organizations, and conduit borrowers (together, the Issuers) are becoming more commonplace. The costs to defend against cyberattacks and to remedy the damages caused by cyberattacks can be material, and present credit, fiscal and operational issues for Issuers. The municipal markets approach to cybersecurity event and risk disclosure is currently very ad hoc and incomplete. In addition, there is considerable variation in due diligence and disclosure practices of Issuers, underwriters, and financial advisors as regards cybersecurity risks and events.

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Website:Visit Publisher Website
Publisher:National Federation of Municipal Analysts
Published:November 1, 2020
Copyright:Public Domain

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