KEY POINTS
  • A Moody's spokesperson said the downgrade is significant because "it is the first time that cyber has been a named factor in an outlook change."
  • Equifax's breach in 2017 will have a lasting effect on the company's security spend and infrastructure costs, Moody's said.
Mark Begor, CEO of Equifax, testifies during a Senate Homeland Security and Governmental Affairs Subcommittee hearing on Capitol Hill, March 7, 2019 in Washington, DC.

Moody's has just slashed its rating outlook on Equifax, the first time cybersecurity issues have been cited as the reason for a downgrade.

Moody's lowered Equifax's outlook from stable to negative on Wednesday, as the credit monitoring company continues to suffer from the massive 2017 breach of consumer data.