NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Andreas Milidonis

University of Cyprus
School of Economics and Management
Department of Accounting and Finance
P.O. Box 20537, Nicosia
CY-1678 Nicosia
Cyprus

E-Mail: andreas.milidonis@ucy.ac.cy

NBER Working Papers and Publications

March 2018What is the Impact of Successful Cyberattacks on Target Firms?
with Shinichi Kamiya, Jun-Koo Kang, Jungmin Kim, René M. Stulz: w24409
We examine which firms are targets of successful cyberattacks and how they are affected. We find that cyberattacks are more likely to occur at larger and more visible firms, more highly valued firms, firms with more intangible assets, and firms with less board attention to risk management. These attacks affect firms adversely when consumer financial information is appropriated, but seem to have little impact otherwise. Attacks where consumer financial information is appropriated are associated with a significant negative stock market reaction, an increase in leverage following greater debt issuance, a deterioration in credit ratings, and an increase in cash flow volatility. These attacks also affect sales growth adversely for large firms and firms in retail industries, and there is evidenc...
 
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