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Exposure to Cyber Risk and Inadequate Cybersecurity Regulations: Evidence from Municipalities

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Abstract

In this article, which is based on a related working paper, we document the adverse effects of cyberattacks on municipalities and the ineffectiveness of current state regulation to stave off future cyberattacks. In the process of providing services to their citizens, state and local governments collect and store a wide range of sensitive personal information (data). Access to personal information, sometimes combined with a lack of adequate cybersecurity (FitchRatings, 2022), makes governments attractive targets for cyberattacks, in particular data breaches. Indeed, in our sample external data breaches represent the most common source of cyber risk for governments; therefore, we focus primarily on them.

Suggested Citation

  • Filippo Curti & Ivan T. Ivanov & Marco Macchiavelli & Tom Zimmermann, 2024. "Exposure to Cyber Risk and Inadequate Cybersecurity Regulations: Evidence from Municipalities," Chicago Fed Letter, Federal Reserve Bank of Chicago, vol. 501, September.
    • Handle: RePEc:fip:fedhle:98810
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    File URL: https://www.chicagofed.org/-/media/publications/chicago-fed-letter/2024/cfl501.pdf?sc_lang=en
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    Keywords

    Public economics; financial economics;

    JEL classification:

    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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