Do phishing alerts impact global corporations? A firm value analysis
Do phishing alerts impact global corporations? A firm value analysis
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网络钓鱼警报会影响跨国公司吗？
DOI：
10.1016/j.dss.2014.04.006
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
A. Leung
中科院分区：
文献类型：
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作者：
I. Bose;A. Leung
网络钓鱼是一种在线身份盗窃形式，日益成为全球威胁。在这项研究中，我们分析了在公共数据库中发布的网络钓鱼警报对全球公司市场价值的影响。使用的样本1942钓鱼警报相关的259家公司在32个国家，我们表明，每个网络钓鱼警报的发布导致的市值，至少是4.11亿美元的公司统计上显着的损失。我们提出了一个理论框架来分析威胁对公司价值的影响，并确定负面的投资者反应是非常显着的警报发布在2006-2007年和那些针对金融控股公司，和弱显着的公司在美国上市。我们得出并验证这些结果使用事件研究，二次抽样分析和横截面回归分析的组合。我们的研究通过为进行多国事件研究提供一个新的模式做出了贡献。我们还通过量化网络钓鱼造成的市场价值损失，为信息系统文献做出贡献，并为公司的信息安全管理员提供令人信服的证据，敦促他们采取适当的对策来防止网络钓鱼攻击。
Phishing is a form of online identity theft that is increasingly becoming a global menace. In this research, we analyze the impact of phishing alerts released in public databases on the market value of global firms. Using a sample of 1942 phishing alerts related to 259 firms in 32 countries, we show that the release of each phishing alert leads to a statistically significant loss of market capitalization that is at least US$ 411 million for a firm. We propose a theoretical framework for analyzing the impact of threats on firm value, and determine that the negative investor reaction is strongly significant for alerts released in 2006–2007 and for those targeted to financial holding companies, and weakly significant for firms listed in the US. We derive and validate these results using a combination of event study, subsampling analysis, and cross-sectional regression analysis. Our research makes a contribution by providing a new model for conducting multi-country event studies. We also contribute to the information systems literature by quantifying the loss in market value caused by phishing, and provide compelling evidence to information security administrators of firms that urge them to adopt adequate countermeasures to prevent phishing attacks.