Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk

Bibliographic Details
Main Author: Martins, António Miguel Valente
Publication Date: 2024
Other Authors: Moutinho, Nuno
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10198/30727
Summary: The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.
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spelling Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber riskInsuranceCyberattackCyber riskMarket reactionEvent studyThe main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.This paper is financed by Portuguese national funds through FCT – Fundação para a Ciência e a Tecnologia, I.P., projects numbers UIDB/00685/2020 (António Martins) and UNIAG, UIDB/04752/2020 and UIDP/04752/2020 (Nuno Moutinho).ElsevierBiblioteca Digital do IPBMartins, António Miguel ValenteMoutinho, Nuno2024-12-13T11:49:54Z20252025-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10198/30727engMartins, António Miguel; Moutinho, Nuno (2025). Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk. Finance Research Letters. ISSN 1544-6123. 71, p. 1-91544-612310.1016/j.frl.2024.106361info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-02-25T12:22:16Zoai:bibliotecadigital.ipb.pt:10198/30727Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T19:19:17.559483Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
title Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
spellingShingle Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
Martins, António Miguel Valente
Insurance
Cyberattack
Cyber risk
Market reaction
Event study
title_short Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
title_full Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
title_fullStr Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
title_full_unstemmed Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
title_sort Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk
author Martins, António Miguel Valente
author_facet Martins, António Miguel Valente
Moutinho, Nuno
author_role author
author2 Moutinho, Nuno
author2_role author
dc.contributor.none.fl_str_mv Biblioteca Digital do IPB
dc.contributor.author.fl_str_mv Martins, António Miguel Valente
Moutinho, Nuno
dc.subject.por.fl_str_mv Insurance
Cyberattack
Cyber risk
Market reaction
Event study
topic Insurance
Cyberattack
Cyber risk
Market reaction
Event study
description The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.
publishDate 2024
dc.date.none.fl_str_mv 2024-12-13T11:49:54Z
2025
2025-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10198/30727
url http://hdl.handle.net/10198/30727
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Martins, António Miguel; Moutinho, Nuno (2025). Stock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber risk. Finance Research Letters. ISSN 1544-6123. 71, p. 1-9
1544-6123
10.1016/j.frl.2024.106361
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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