Cyber risk in the financial industry, the market reactions

Maria Cristina Arcuri, Marina Brogi and Gino Gandolfi
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Maria Cristina Arcuri: Sda Bocconi
Gino Gandolfi: Università di Parma

BANCARIA, 2017, vol. 4, 35-49

Abstract: This paper analyses cyber risk in the financial sector. It identifies and assesses the impact of cyber-attacks on share prices, distinguishing between commercial banks and other financial entities. Event study methodology is used to show that announcements of cyber-attacks led to negative reactions in the global stock market from 1995 to 2015. The most dangerous attacks are those non-confidential, i.e. viruses and worms, Dos-attacks and system breakdowns, rather confidential breaches, i.e. unauthorized access to confidential information. Our results show the need to invest in cyber security measures

JEL-codes: G10 G15 G20 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ban:bancar:v:04:y:2017:m:april:p:35-49

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