AM Best Comments on Credit Ratings of CNA Financial Corporation Following Cybersecurity Attack
AM Best has commented that the Credit Ratings (ratings) of CNA Financial Corporation (CNAF) [NYSE:CNA] and its insurance subsidiaries remain unchanged following the company’s disclosure that it sustained a sophisticated cybersecurity attack that caused a network disruption and impacted certain CNAF systems, including corporate email. The outlook of these ratings is stable.
Based on the information available as of today, AM Best believes that the company is working diligently through this matter with its team and third-party providers. Immediately after learning of the alleged information security incident, the company took steps to mitigate potential damage and take control of the situation by disconnecting its operating systems from its network, which continues to function. As part of its continuity plan, CNAF has implemented workarounds where possible to ensure that employees can continue to execute critical functions until systems are restored.
AM Best currently believes that the disruption caused by the cyberattack has not reached a level that is material to the credit profile of the enterprise. However, AM Best recognizes that the situation remains highly fluid and will continue to monitor developments closely for indications that the incident has damaged the company’s ability to conduct business, eroded its reputation and favorable standing in the markets it serves or results in a change in AM Best’s view of the company’s enterprise risk management assessment, which it currently views as appropriate.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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