Reassessing the market impact of cyber incidents: A bias-adjusted event study approach
| Tipo de publicação: | Inproceedings |
| Citação: | |
| Publication status: | Published |
| Booktitle: | Modern Finance Conference 2026 |
| Ano: | 2026 |
| Mês: | September |
| Location: | Krakow |
| URL: | https://mfc3.eventsadmin.com/P... |
| Resumo: | This study examines the impact of cyber incidents on shareholder value. Using data from 2012–2022, we measure abnormal stock returns around reported incidents, adjusting for event-induced variance and cross-correlation. Unlike prior research, we find no statistically significant market-wide abnormal returns once these adjustments are applied. However, data breaches stand out as particularly damaging, with average losses of–1.3% (USD–1.9 billion). The health sector is especially vulnerable, with average losses of–5.2%. Our results suggest that cyber risk is priced selectively by markets, with implications for portfolio risk assessment, sector allocation, and investment strategies. |
| Palavras-chave: | Cybersecurity, Econometrics, Event study |
| Autores | |
| Adicionado por: | [] |
| Total mark: | 0 |
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