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

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00:00How disruptive was this? Yeah so what we've heard is that it caused a lot of inconvenience

00:05and headaches for borrowers and investors alike. The MuniOS platform is very popular in the muni

00:12market and this is basically it's a key part of the new issuance market and it's been a very busy

00:19year in the muni market. Supply is up about 15 percent year over year so to have a disruption

00:26it it causes a ripple and bothering big day-to-day things but fortunately what we've heard in our

00:34reporting so far is that no transactions were actually delayed or impacted thus far due to this

00:40outage. Okay so all systems as usual but I wonder are cyber attacks a growing threat a growing risk

00:46in the muni market overall? Yes this so this is not the first time that there's been a cyber attack

00:52in the muni market. There was a high profile situation last year where a suburb of Detroit

00:58had their bond sale hacked and the proceeds were stolen so it is a known threat and credit analysts

01:05are mentioning this as a an impact for borrowers and part of that is due to the fact that for local

01:13governments they're typically understaffed and underfunded so that does make them quite vulnerable

01:20to a sophisticated attack.