JOHANNESBURG - Moody’s Investors Service says in a new report that global retail and commercial banks are at increasing risk of cyberattacks as their operations become more digitized, which can impact credit standing through financial losses, erosion of brand value, and regulatory consequences. “Cyberthreats exist regardless of the bank’s size or location. Smaller banks in developing markets often have fewer resources for cyber defense and internal controls, making them an easy target for financial theft,” says Sophia Lee, A Moody’s Vice President and Senior Credit Officer. “In contrast, larger banks in advanced and wealthy markets have more resources but are at greater risk because of more widespread digitalization and the high value of the data they house,” adds Lee.
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