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Credit ratings of banks at risk from cyber attacks: S&P

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Standard & Poor's Corp. has said in a report that a major cyber attack on a bank is likely to put its credit ratings at risk besides damage to its reputation, reported The Sydney Morning Herald.

The rating agency said that weak cyber defense is an "emerging threat" that could pose a higher risk to some banks, with major financial consequences.

"If we were to believe that a bank is ill-prepared to withstand a cyber attack, we could downgrade the bank before an actual attack," the report added.

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