Login | Register

The impact of cyber-attacks on publicly traded companies


The impact of cyber-attacks on publicly traded companies

DeCoste, Joseph (2017) The impact of cyber-attacks on publicly traded companies. Masters thesis, Concordia University.

Text (application/pdf)
DeCoste_MSc_f2017.pdf - Accepted Version
Available under License Spectrum Terms of Access.


This thesis explores the financial impact of cyber-attacks on publicly traded companies as determined by equity market investors, and attempts to identify the significant determinants of this impact. A hand collected sample of 313 events is analyzed using an event study methodology. The average (median) cumulative abnormal return when a company experiences a cyber-attack is -0.69% (-0.37%), which translates into an average (median) $134,604,868 ($30,506,757) destruction of firm value. Smaller firms are hit harder than larger firms, and the number of cyber-attacks in a trailing 30-day period is negatively related to average cumulative abnormal returns. Attacks on technology and telecom companies have become less frequent and less damaging, while attacks on Finance and Retail companies have become more frequent. Retail damages have become significantly worse, and Finance companies have experienced some of the most damaging attacks ever revealed. Hacktivism and State Sponsored attacks are relatively inexpensive to firm value over the studied period, as are breaches of proprietary and identity information.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:DeCoste, Joseph
Institution:Concordia University
Degree Name:M. Sc.
Program:Business Administration (Finance specialization)
Date:June 2017
Thesis Supervisor(s):Kryzanowski, Lawrence
ID Code:982695
Deposited By: Joseph DeCoste
Deposited On:17 Nov 2017 15:57
Last Modified:18 Jan 2018 17:55
All items in Spectrum are protected by copyright, with all rights reserved. The use of items is governed by Spectrum's terms of access.

Repository Staff Only: item control page

Downloads per month over past year

Back to top Back to top