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Cyber risk in the financial industry, the market reactions

Author

Listed:
  • Maria Cristina Arcuri

    (Sda Bocconi)

  • Marina Brogi

    (Sapienza Università di Roma)

  • Gino Gandolfi

    (Università di Parma)

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

Suggested Citation

  • Maria Cristina Arcuri & Marina Brogi & Gino Gandolfi, 2017. "Cyber risk in the financial industry, the market reactions," BANCARIA, Bancaria Editrice, vol. 4, pages 35-49, April.
    • Handle: RePEc:ban:bancar:v:04:y:2017:m:april:p:35-49
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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