News
As Hackers Evolve, Cyber Security For U.S. & Canadian Servicers Takes Center Stage
August 2024 by Steven Frie, Director, S&P Global Ratings
Over the last several years, cyber security, a crucial component in any operation, has taken on an increasingly visible role due to numerous high-profile data breaches impacting various industries. As malware becomes more complex and hackers make use of AI, servicers could face significant challenges staying one step ahead of malicious actors. Servicers’ inaction or missteps could have financial, regulatory, and customer-related consequences.
The success of any cyber security program will be dictated by the organization’s ability to implement and maintain a high level of protection. During S&P Global Ratings’ servicer evaluation review process, we ask the company to describe its overall cyber security program and focus on many related topics. For more details on how we assess their cyber security program, see attached "The Importance Of Cyber Security For U.S. And Canadian Servicers In A Challenging Environment"
We believe sustained investments in cyber security will be crucial for any business entity, especially servicers, as they will continue to experience ever-evolving threats requiring additional expertise, capital, and technology to stay ahead of the curve. Despite servicers’ significant expenditure on cyber security staff and systems to support their programs, these preventative measures are only effective if the program is successfully implemented and maintained.
