Cyber Attack Ensnares $4.3T Muni Market’s Key Site

Market Disruption & Impact - The media platform outage caused inconvenience for borrowers and investors in the municipal bond market [1] - No transactions were delayed or impacted due to the outage [2] - The municipal bond market supply is up approximately 15% year-over-year [1] Cybersecurity Threat - Cyberattacks are a growing risk in the municipal bond market [2] - A Detroit suburb had their bond sale hacked last year, and the proceeds were stolen [3] - Credit analysts are mentioning cyberattacks as an impact for borrowers [3] - Local governments are vulnerable to sophisticated attacks due to being understaffed and underfunded [3]