OLDWICK: Global rating agency, AM Best has maintained the Credit Ratings of CNA Financial Corporation (CNAF) and its insurance subsidiaries 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.
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.