0:00
How disruptive was this?
0:02
Yeah, so what we've heard is that it
0:04
caused a lot of inconvenience and uh
0:06
headaches for borrowers and investors
0:08
alike. Um the MUN OS platform is very
0:11
popular in the MUN market and this is
0:14
basically it's a key part of the new
0:17
issuance market and it's been a very
0:19
busy year in the MUN market. Um supply
0:22
is up about 15% year-over-year. So to
0:25
have a disruption, it it causes uh a
0:30
uh bothering day-to-day things, but
0:32
fortunately what we've heard in our
0:34
reporting so far is that no transactions
0:36
were actually delayed or impacted thus
0:39
far due to this outage. So,
0:41
okay. So, all systems as usual, but I
0:43
wonder are cyber attacks a growing
0:45
threat, a growing risk in the MUN market
0:47
Yes, this so uh this is not the first
0:50
time that there's been a cyber attack um
0:52
in the MUN market. There was a
0:54
high-profile situation last year where a
0:57
suburb of Detroit um had their bond sale
1:00
hacked and the proceeds were stolen. So,
1:02
it is a known threat and credit analysts
1:05
are mentioning this as a an impact for
1:09
um borrowers and part of that is due to
1:12
the fact that for local governments um
1:15
they're typically understaffed and
1:17
underfunded. So that does make them
1:19
quite vulnerable to a sophisticated
