In September 2025, European aviation faced a stark reminder of how fragile its digital backbone can be when a ransomware disruption caused a single aerospace passenger-handling software to cascade into widespread operational difficulties. This commentary looks at the possible credit impact of cyberattacks on airports and assesses what operators are doing to protect themselves.
 
Key highlights include:
— The ransomware attack in September wreaked havoc on some European airports, with airport operators resorting to manual procedures to check in customers. 
— The main airport operators in Europe have been implementing continuity measures and technology disaster recovery plans to avoid material declines in revenue caused by repeat or severe cyberattacks. 
— We consider cybersecurity risks as part of our assessment of the Adequacy of Infrastructure base in the Business Risk Assessment or as an industry-specific consideration when evaluating operational expenses. 
 
“Airports are more vulnerable than other asset classes to certain global disruptive events”, said Francisco Rojo, Vice President of European Asset Finance at Morningstar DBRS. “Investments in redundancy, incident response capabilities, rigorous vendor oversight, and regular stress testing are essential expenditures to protect both passengers and balance sheets.”

When Cyberattacks Ground Flights: The Credit Impact

Source: Morningstar DBRS European Communications