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Cyberattacks and muni issuers


I recently read about an increase in cyberattacks against local governments. Is this something to be concerned about?

D.W., California


James A. Klotz responds:

There is no question that cyberattacks against municipal entities are becoming increasingly sophisticated and frequent.


Securities regulators, SEC and FINRA, insist that municipal underwriters take steps to disclose all cybersecurity incidents in the official statements of municipal issues, which may or will affect the issuer.


In addition to serving individual investors, we are also underwriters and are therefore cognizant of the increased emphasis on developing a detailed framework for these disclosures and are examined regularly by FINRA in this regard.


Dec 8, 2023

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