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<p>This paper studies the short-term market reaction of major cyberattacks in the market value of breached and cybersecurity listed firms. Through an event study for 53 global cyberattacks, we find a negative and statistically significant stock price reaction for breached firms around the cyberattack disclosure dates. Our results show a higher negative stock market reaction when breached firms are small, have a higher leverage, higher growth opportunities and involves financial information loss. Finally, we also find positive and statistically significant abnormal returns for cybersecurity firms around the cyberattack disclosure date. Cyberattacks, by causing an increase in demand for security products/services, are good news for cybersecurity firms.</p>

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Stock market effects of major cyber-attacks: evidence for breached and cybersecurity listed firms

  • 期刊论文

  • 发表日期：

    2025年9月12日

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  • António Miguel Martins,
  • Nuno Moutinho,
  • Susana Cró

摘要

This paper studies the short-term market reaction of major cyberattacks in the market value of breached and cybersecurity listed firms. Through an event study for 53 global cyberattacks, we find a negative and statistically significant stock price reaction for breached firms around the cyberattack disclosure dates. Our results show a higher negative stock market reaction when breached firms are small, have a higher leverage, higher growth opportunities and involves financial information loss. Finally, we also find positive and statistically significant abnormal returns for cybersecurity firms around the cyberattack disclosure date. Cyberattacks, by causing an increase in demand for security products/services, are good news for cybersecurity firms.