The economic cost of publicly announced information security breaches: empirical evidence from the stock market

By Katherine Campbell, Lawrence A. Gordon, Martin P. Loeb, Lei Zhou. Journal of computing and security, 2003

769 citations recorded by the source corpus.

Subfields: Computer Networks and Communications, Information Systems

View Paper: https://www.semanticscholar.org/paper/44bbffcb013753851e24d8fd19fa787e19be094f

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Citations in the corpus

Sharing Information on Computer Systems Security: An Economic Analysis (2003, background): “Campbell et al. (2003) found empirical evidence that some security breaches result in statistically signi ﬁ cant decreases in the market value of ﬁ rms.”
Taming the blockchain beast? Regulatory implications for the cryptocurrency Market (2020, positive): “a Fixed Effects and a Random Effects model, each with ordinary, period-clustered seemingly unrelated regression (Zellner, 1962) and two-way clustered (Petersen, 2009) standard errors, as in Campbell et al. (2003) and Shanaev et al.”
Do firms underreport information on cyber-attacks? Evidence from capital markets (2018, neutral): “By contrast, Campbell et al. (2003) and Kannan et al. (2007) find the market effect of breaches is generally insignificant.3 Gordon et al. (2011) report a decrease in the effect of breaches on stock prices over time.”
The Economics of Privacy (2016, background): “Campbell et al. (2003) find a significant and negative effect of the announcement of a data breach on stock price specifically for breaches caused by “unauthorized access of confidential information.””
The Economic Incentives for Sharing Security Information (2005, background): “2004, Campbell et al. 2003). In a 2002 report by Jupiter Media Metrix, IT executives revealed that they were more concerned with the ripple effects of online security breaches on consumer confidence and trust in e-business than the actual financial losses of physical infrastructure. Negative exposur”
A taxonomy of cyber-harms: Defining the impacts of cyber-attacks and understanding how they propagate (2018, background): “In a similar vein, Campbell et al. [41] suggest that there is no impact when the security breach concerns non-sensitive data.”
Income, interdependence, and substitution effects affecting incentives for security investment (2006, background): “Schenk and Schenk (2002) illuminate incentives for reporting security breaches, Campbell et al. (2003) and Cavusoglu et al. (2004) consider the cost and impact of security breaches, and Schechter and Smith (2003) analyze the benefits of sharing information to prevent information security breaches.”
The Economics of Information Security (2006, background): “found that the stock price of companies reporting a security breach is more likely to fall if the breach leaked confidential information [28].”
Is There a Cost to Privacy Breaches? An Event Study (2006, background): “Gellman (2002) argues that studies of privacy losses tend to understate the effects of privacy losses, while Lenard and Rubin (2005) and Cate (2005) argue that many estimates are overstated. There is no, in short, consensus about estimated costs, or even the best method (Svensson [2003]).”