Cyber risk triggers alarm bells for credit portfolio managers
Attack on Jaguar Land Rover highlights difficulties modelling unpredictable impact of outages
After a cyber attack caused a month-long production halt at carmaker Jaguar Land Rover’s UK plants in September this year, credit portfolio managers say such large-scale cyber events at borrowers have emerged as one of the most difficult risks for banks to control.
“I think banks have really got a very good handle on credit and liquidity risk,” said Adrian Docherty, head of bank advisory at BNP
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