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

dc.contributor.authorMartins, António Miguel Valente
dc.contributor.authorMoutinho, Nuno
dc.date.accessioned2024-12-13T11:49:54Z
dc.date.available2024-12-13T11:49:54Z
dc.date.issued2025
dc.description.abstractThe 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.pt_PT
dc.description.sponsorshipThis 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).pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationMartins, 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. 1-9pt_PT
dc.identifier.doi10.1016/j.frl.2024.106361pt_PT
dc.identifier.issn1544-6123
dc.identifier.urihttp://hdl.handle.net/10198/30727
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherElsevierpt_PT
dc.relationCenter of Applied Economic Studies of the Atlantic
dc.relationApplied Management Research Unit
dc.relationApplied Management Research Unit
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectInsurancept_PT
dc.subjectCyberattackpt_PT
dc.subjectCyber riskpt_PT
dc.subjectMarket reactionpt_PT
dc.subjectEvent studypt_PT
dc.titleStock-term market impact of major cyber-attacks: evidence for the ten most exposed insurance firms to cyber riskpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleCenter of Applied Economic Studies of the Atlantic
oaire.awardTitleApplied Management Research Unit
oaire.awardTitleApplied Management Research Unit
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00685%2F2020/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04752%2F2020/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F04752%2F2020/PT
oaire.citation.endPage9pt_PT
oaire.citation.startPage1pt_PT
oaire.citation.titleFinance Research Letterspt_PT
oaire.citation.volume71pt_PT
oaire.fundingStream6817 - DCRRNI ID
oaire.fundingStream6817 - DCRRNI ID
oaire.fundingStream6817 - DCRRNI ID
person.familyNameMoutinho
person.givenNameNuno
person.identifier.ciencia-idCA1B-4924-2BBA
person.identifier.orcid0000-0002-9242-8324
person.identifier.scopus-author-id57742333300
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
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relation.isAuthorOfPublication.latestForDiscovery66a63650-20a8-4110-a9f7-7f45fa84c14b
relation.isProjectOfPublication77097340-abde-4322-b77c-d67e071141ad
relation.isProjectOfPublicationdb81737a-fcb8-4cd9-b025-f7465790c52b
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