The current elevated cyber risk should be viewed as an “idiosyncratic credit consideration” rather than a systemic risk to the muni market, argues Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

“Sector to sector or issuer to issuer, [cyber risk] is already embedded in the credit profile,” as issuers in certain regions and sectors have taken steps to make their credit profiles more resilient to prevent that type of attack, he said.

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