Asset-based lending (ABL) is built on the premise that if a borrower is unable to repay its loan, the cash conversion of the collateral is there. But in a cyber incident, collateral may remain “there” but visibility to the lender’s collateral and its quality disappears. If a borrower can’t ship, can’t invoice, or can’t produce a trustworthy borrowing base for even a few days, collateral proceeds and AR/inventory mix will change significantly, with the resultant impact on the borrowing base leaving the Lender in the dark as to their collateral vis-à-vis their loan exposure.